This week on Credit Exchange, head of asset-backed finance at Apollo Global Management Bret Leas discusses the recent pullback in AI-related financing. Speaking with host Lisa Lee, Leas unpacks why credit markets are beginning to differentiate more sharply between data centres, chips, and cloud infrastructure, and details how Apollo’s approach to AI lending focuses on cashflow-generating assets rather than speculative bets.

The conversation also dives into the broader macro backdrop, including the role of AI in US economic growth, along with inflation, private credit, and the outlook for Europe. Leas discusses why he remains optimistic about long-term investment opportunities despite market volatility, and why fixed income offers compelling value in today’s environment.

He also breaks down Apollo’s innovative AMAPS platform (Apollo Multi-Asset Prime Securities), how it compares to the CLO market, why transparency matters in private credit, and why he believes the market for diversified credit securities could grow into the hundreds of billions of dollars.