Wall Street's $63B AI deal carries hardware value risk

Blackstone, Bank of America, Citigroup and Morgan Stanley announced on Oct 26 a $63 billion financing to buy AI computing equipment from Broadcom and lease it to Anthropic. The deal runs through an SPV, with Broadcom providing residual-value support for the first-lien portion, meaning the seller helps guarantee the chips' later worth. Anthropic's same-day S-1 shows five-year Broadcom leases with about $161.2 billion in rent excluding interest.

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