What Michael Milken Would See In AI Chip Financing

What Michael Milken Would See In AI Chip Financing Authored by Patrick Feeley via Substack, Very few people in the AI financing debate are reading the deals like a credit trader would. We have had a week of headlines about who is raising what. Amazon is moving $8 billion of chips off its balance sheet. Broadcom is lending $42 billion to its own customer. Nvidia is offering to backstop $125 billion of the debt people use to buy Nvidia. The coverage treats each number as a scoreboard. Hardly anyone asks the question that matters once the paper is sold, which is who is holding the risk and whether they know it. There is one person who would have asked. He went to federal prison, and he was also right about a version of this...

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