Investing.com -- Apollo Global Management said Wednesday that corporate debt from major cloud computing companies is becoming riskier as these firms increase spending on artificial intelligence infrastructure. Still guessing which names to buy? Our AI rebuilds its stock picks at the start of every month. The list is beating the market by 120%. See what's on it » Credit default swaps, which are insurance contracts against bond defaults, have become more expensive for bonds issued by hyperscalers. Apollo chief economist Torsten Slok wrote in a note that the market is repricing hyperscaler credit fundamentals due to a debt-financed AI capital expenditure cycle with rising leverage, negative free cash flow and uncertain payback on depreciating assets.
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