Pamiętacie tę scenę z pierwszego aktu The Big Short? Oczywiście że pamiętacie, to ta scena ze wstawką z Anthonym Bourdainem mówiącym o jedzeniu trzydniowego halibuta. Jared Vennett: You want me to really blow your mind? When the market deems a bond too risky to buy, what do you think we do with it? Take a guess.Vinnie Daniel: I don't know. You tell me.Jared Vennett: Alright, you think we just warehouse it into the books? No. We just repackage it with a bunch of other shit that didn't sell and put it into a CDO.Mark Baum: A CDO?Jared Vennett: Yes, a CDO.Mark Baum: What is that?Jared Vennett: This is where we take a bunch of Bs, double Bs and triple Bs that haven't sold and put them in a pile. When the pile gets large enough, the whole thing is suddenly considered diversified. Then the whores at the rating agency give it a 92, 93% Triple A rating, no questions asked.Mark Baum: Say that again. Tak mi się jakoś skojarzyła jak czytałem że banki próbują sprzedać kredyty udzielone na budowę centrów obliczeniowych. Jesteśmy w tym momencie filmu. Six months ago, banks were racing each other to underwrite data center loans tied to Oracle, Meta and the rest of the AI buildout. Now some of the same banks are trying to get that debt off their books. JPMorgan, Morgan Stanley, SMBC and MUFG have been exploring significant risk transfers, according to a report from the Financial Times. These are deals that let a bank keep a loan on paper while shifting its riskiest slice to outside investors. The banks are doing this because they are bumping up against internal limits on how much AI-linked exposure any one lender can hold. One case shows how stuck this has gotten. A group of banks including JPMorgan and MUFG has spent more than six months trying to distribute $38 billion in construction debt tied to a Texas and Wisconsin data center project leased to Oracle, Bloomberg has reported. Some lenders are now willing to sell pieces of it to non-bank buyers at a discount, just to move it. Six months is a long time to sit on debt nobody underwrote to hold forever. https://startupfortune.com/banks-are-now-trying-to-offload-the-ai-data-center-debt-they-just-underwrote/