Shanu Mathew (@ShanuMathew93)
@ShanuMathew93
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The Financial Times reports that technology groups have offered up to $300 billion of guarantees in less than a year to support debt financing for AI data centres and chips. Structures include minimum residual-value guarantees and special-purpose vehicles; rating agencies can adjust leverage when stressed collateral values fall below guaranteed amounts. There can be separate RVGs in the same deal - powered shell layer, chips layer, lease layer.
Total off-balance sheet commitments top $3tn across the largest tech companies per MS and the FT
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"The hyperscalers generate orders of magnitude more revenue per quarter than the neoclouds, but at the same time, it’s taken CoreWeave ~25 quarters to achieve the same $2.6B as AWS generated by quarter 40 since launch. Again, these are very fast growing businesses" (h/t @MosesSternstein @a16z)
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