AI Bubble: The Calls Are Coming from Inside the House

The article argues that Apollo and Ares research undermines the AI revenue narrative and the legal protections behind AI-related debt, citing Apollo Chief Economist Torsten Slok's finding of little evidence of corporate productivity gains and Ares' review of actual deals showing off-balance-sheet structures, weak guarantees with contractual "outs," and data center property insurance covering only a fraction of asset value. It notes Apollo's roughly $80B in AI debt commitments for 2026 despite these warnings, and cites ING seeking to offload data center loans, Microsoft terminating an Oracle AI cloud commitment, and an unverified Musk claim that SoftBank defaulted on a gas turbine contract.