APO

SpaceX is in talks to borrow about $40 billion, led by Apollo, to buy Nvidia chips for its AI data centers. Musk says SpaceX will use only Nvidia hardware. Apollo, the lender organizing the money, would earn fees on a deal similar in size to the $35B chip loan it led in June for Anthropic's computing.

A $35B AI infrastructure private credit deal is being syndicated to a wider investor pool — the largest private credit transaction ever. The real trade isn't AI chips; it's that private credit is crossing a liquidity threshold that expands its addressable market. Long US-listed large-cap alternative asset managers with scaled private credit platforms.

SWFs are pivoting to private assets amid public market volatility. The market focuses on what they're exiting. The real trade: US large-cap alternative asset managers collect 1.5-2% management fees plus carried interest on every dollar that flows in. Long diversified alt managers with private credit and infrastructure AUM.

Two private credit funds have limited redemptions, spooking the $2 trillion market. Capital fleeing gated vehicles needs somewhere to go — publicly-traded BDCs and alternative credit platforms offer similar yield profiles with daily liquidity. Long large-cap publicly-listed alternative asset managers and BDCs as displaced capital rotates toward liquid equivalents.