That famously long-term asset class.
Text version: https://pivot-to-ai.com/2025/07/06/venture-capital-is-lending-money-against-video-cards/

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Sources:

Wall Street frenzy creates $11bn debt market for AI groups buying Nvidia chips https://www.ft.com/content/41bfacb8-4d1e-4f25-bc60-75bf557f1f21
Wall Street's Elites Are Piling Into a Massive AI Gamble https://www.bloomberg.com/news/articles/2024-11-17/ai-s-1-trillion-hysteria-offers-fat-payday-for-wall-street-bankers
Venture debt hits all-time high as startups diverge from VC expectations https://pitchbook.com/news/articles/venture-debt-all-time-high-startups-vc-expectations
AI startups gobbling more than a third of venture debt dollars this year https://pitchbook.com/news/articles/ai-startups-gobbling-more-than-third-venture-debt-dollars-2025

Previously on Pivot to AI:

Silicon Valley and Wall Street invent collateralized GPU obligations. Surely this will work out fine https://pivot-to-ai.com/2024/11/04/silicon-valley-and-wall-street-invent-collateralized-gpu-obligations-surely-this-will-work-out-fine/
Pumping the AI bubble: a data center funding craze with ‘novel types of debt structures’ https://pivot-to-ai.com/2024/11/19/pumping-the-ai-bubble-a-data-center-funding-craze-with-novel-types-of-debt-structures/
In 2025, venture capital can’t pretend everything is fine any more https://pivot-to-ai.com/2025/05/03/in-2025-venture-capital-cant-pretend-everything-is-fine-any-more/
video: https://www.youtube.com/watch?v=VcSnLt6Knbs&list=UU9rJrMVgcXTfa8xuMnbhAEA

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