Private-Credit Concentration and Refinancing Risk Spread Through AI Infrastructure

Private-equity acquisition activity continues targeting defense, data-center, AI, and manufacturing suppliers, while private-credit and BDC lenders may be accumulating correlated exposure to speculative compute demand and depreciating GPUs. The broader AI investment surge may also be diverting capital from non-AI sectors, increasing macro sensitivity. Defaults, collateral impairment, tariff pressure, and refinancing stress remain material risks.