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In a November 3, 2026 article in Yicai, Cheung Kong Graduate School of Business professor Li Wei analyzed the financing risks of AI infrastructure and suggested that AI financing may face a Minsky moment. Citing Anthropic's "Polaris Project" as an example, the article said it finalized a syndicated loan of about $42 billion and subordinated debt of about $18 billion, backed by Broadcom's guarantee and with Blackstone contributing half of the funding; it also cited Meta's Hyperion data center as an example, saying that through an SPV it moved $27 billion of debt off its balance sheet, with a debt-to-asset ratio of about 90%, higher than Meta's own ratio of about 43%. The article held that the evidence is insufficient to assert that a Minsky moment is imminent, but noted that signs such as rising issuance of junk-rated data center bonds and falling prices of some bonds deserve attention.
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Nov 3
Yicai
Is AI Financing About to Hit a Minsky Moment?
Li Wei, a professor at Cheung Kong Graduate School of Business, analyzes AI infrastructure financing risks, noting that Anthropic finalized approximately $42 billion in syndicated loans and about $18 billion in subordinated debt through the "Project Polaris," with Broadcom providing a guarantee and Blackstone contributing half of the funding. The article also uses Meta's Hyperion data center as an example, explaining that it moved $27 billion in debt off its balance sheet through an SPV, with a debt-to-asset ratio of about 90%, higher than Meta's own ratio of about 43%. The author believes there is insufficient evidence to assert that a Minsky moment is imminent, but signs such as rising issuance of junk-rated data center bonds and falling prices of some bonds are worth watching.