Credit funds are among the largest financiers of AI infrastructure in the world right now. Data centers, GPU clusters, hyperscaler capex. The deal flow is real and substantial.
What is harder to explain is why the same funds have not applied any of it internally.
If your competitor implements AI workflows in the next six to twelve months and you do not, the gap shows up quickly. They underwrite faster. They cover more names. Their analysts spend time on judgment calls while yours are still doing the analytical legwork by hand. In a market where the first credible bid often shapes the outcome, that speed advantage compounds.
The more uncomfortable version is that this adoption curve does not behave like a normal technology cycle. It is flat for a long time and then nonlinear. Credit professionals know that pattern well. By the time the deterioration is obvious to everyone, you are not catching up from behind. You are restructuring.
The funds that are ahead on this are not talking about it. They have no incentive to.