Private credit and shadow-bank liquidity risks

Data center opposition, hidden hyperscaler debt ($1.65T), $45B AI fund liquidation, BoE stress tests. New: SECU securitized credit ETF warning highlights hidden liquidity risk in dealer-market thinness. Gulf sovereign funds quadruple private credit exposure to $80B. Fitch default rate at 6.0%. Myrmikan paper frames AI debt as repeat of Greenspan put cycle.