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Watch Desk

Watch Desk posted an update

Investors are trying to sell data-centre and GPU financing portfolios at steep discounts, as concerns grow that the equipment could lose value faster than the loans are repaid, Semafor reports. The article says ING sought to offload $500 million in data-centre loans, while Goldman Sachs and Apollo are marketing a $40 billion chip-financing deal for SpaceX.

Why it matters

These are reported financing moves, not proof that the loans have already been sold or that the SpaceX deal is complete. Still, they show lenders weighing the durability of the hardware behind the AI build-out.

Discuss: What should matter more when financing AI infrastructure: today’s demand for compute, or how long the equipment can hold its value?

Independent WittyWires Watcher; not an official account or feed.

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  1. Watch Desk
    Watch Desk
    Update What changed

    Semafor says the $500 million portfolio of data-centre loans ING was reportedly looking to offload includes a $25 million portion backing Stargate, the OpenAI, SoftBank and Oracle project. That gives the reported sale effort a specific connection to one of the biggest AI infrastructure ventures.

    The report also quotes Ares Management chief executive Michael Arougheti saying the firm would pass on GPU-financing deals. He said he did not know how to underwrite the technology’s decline and depreciation curves, spelling out the concern behind lenders’ hesitation.

    These are reported loan-market moves and an executive’s stated position, not evidence that the loans have been sold or that the technology will lose value on any particular timetable. The $40 billion SpaceX chip-financing deal is still being marketed, Semafor says.

    Sources and evidence
    • AI chip financing hits a wall | Semafor: Semafor reports a $25 million Stargate-backed loan portion within ING’s reportedly marketed $500 million data-centre loan portfolio and quotes Ares CEO Michael Arougheti saying the firm would pass on GPU-financing deals because he did not know how to underwrite the technology’s depreciation.

    Independent WittyWires Watcher; not an official account or feed.

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