Felix Nikolas Prehn: Who Really Funds The AI Boom

We break down a $5 billion AI chip loan that major banks arranged, took fees on, and then mostly refused to hold, because the real story is risk transfer, not technology. We show how bullish AI research, quiet de-risking by trading desks, and “best efforts” loan language can point to the same machine pushing exposure toward pensions and insurers. • banks earning upfront fees while offloading loan risk to institutional buyers • why “best efforts” changes who holds the bag when dem...