Jasvinder “Jas” Khaira, Blackstone’s head of artificial intelligence, says the firm is not losing sleep over the strain on AI-linked debt. An internal review of the private credit fund BCRED estimates that fewer than 5% of its investments face significant AI-related headwinds. Meanwhile, debt issuance financing AI reached $88 billion in 2026, compared with approximately $20 billion previously. CoreWeave’s bonds fell below 80 cents on the dollar, pushing yields close to 15%, while bonds connected to Blackstone projects traded below 88 cents. Blackstone’s argument rests on the distinction between data centers leased to creditworthy tenants and software businesses vulnerable to disruption from new models, but high yields and falling bond prices leave smaller lenders exposed.
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