Steve, joining us now, Christina Minis, Goldman Sachs global head of credit and asset uh finance. How's how's business. How how would you characterize it right now.Do we need a rate cut. >> I think things feel pretty good and I think we probably do need a rate cut. >> Both two things can be true at once.>> Yeah, I do. >> Liberation Day was there's some trepidation, but but overall third quarter's been better. >> It's been much better.And if you look at volumes in the credit markets since liberation day, the ...

RT Loopscale (@LoopscaleLabs)Loopscale has crossed $100M in deposits.Efficient credit markets for everything onchain. https://t.co/r0Ag705rWY ...

Financing Activities - AirTrunk has completed a A$16 billion refinancing [1] - The company is exploring options for raising new capital [1] Industry Trends - The data center sector is currently experiencing high demand in credit markets [1]

Market Trends - Europe's military buildup is a significant investing boom [1] - Credit markets will provide most of the cash for this buildup [1]

Argentina’s world-beating rally in credit markets has ground to a halt, with money managers on hold until at least mid-term elections as President Javier Milei’s much-lauded overhaul of the economy appears to lose momentum https://t.co/p4pJHZQoCo ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **data center industry** and its relationship with **AI technology** and **capital markets**. The rapid transformation driven by generative AI is reshaping the global economy, necessitating substantial capital expenditure, particularly in data centers [2][3]. Capital Expenditure Forecast - A forecast of approximately **$2.9 trillion** in global data center spending through **2028** is presented, with **$1.6 trillion** allocated for hardware (chips/servers) and **$1.3 trillion** for building infrastructure, including real estate and maintenance [2]. - Annual investment needs are expected to exceed **$900 billion** by **2028**, which is comparable to the total capital expenditure of all S&P 500 companies combined, estimated at **$950 billion** in **2024** [2]. Economic Impact - Investment spending related to data center construction and power generation is projected to contribute an additional **40 basis points** to **US real GDP growth** between **2025-2026** [2]. Financing Gaps and Solutions - The capital requirements to support this level of investment are described as staggering, leading to a significant **$1.5 trillion financing gap** after estimating that **$1.4 trillion** of hyperscaler capital expenditure may be self-funded [3][7]. - Credit markets, including secured, unsecured, and securitized options in both public and private markets, are expected to play a crucial role in financing data centers [3][4]. Financing Channels Breakdown - The estimated financing channels to address the gap include: - **Unsecured corporate debt issuance** from technology sector issuers (~**$200 billion**) - **Securitized markets** (data center ABS and CMBS) (~**$150 billion**) - **Private credit markets** (asset-based financing) (~**$800 billion**) - Other capital sources (sovereign, private equity, venture capital, and bank lending) (~**$350 billion**) [8]. Role of Private Capital - Private capital, particularly in credit markets, is anticipated to meet a significant portion of the financing gap due to the growing assets under management in a higher rate environment and the complex financing needs associated with AI development [4][8]. Assumptions and Risks - The sizing of different financing channels involves considerable assumptions and potential guesswork, with the possibility of shifts in financing forms over time [9][10]. Conclusion - Credit markets are positioned to be a major enabler of AI-driven technology diffusion, with data center financing emerging as a persistent theme for credit investors [10].

Overview - The report focuses on the International Meme Fund (IMF), a lending protocol on Base aiming to provide credit to memecoin holders [2] - The analysis suggests IMF could be a proving ground for next-generation permissionless credit engines [4] Key Features of IMF - IMF allows users to post meme assets like $MOG, $PEPE, and $IMF as collateral to borrow Sky Protocol's $USDS [2] - It is built on Morpho Labs's Multi-Market Factory, with each token in an isolated Morpho Market to prevent risk contagion [3] - Borrowing is allowed up to 50% Loan-to-Value (LTV), with liquidations occurring at 77% Liquidation Loan-to-Value (LLTV) [3] - IMF offers one-click features like Accelerate (loops collateral to 150% long at ~33% start LTV), Amplify (optimizes Uniswap v3 LP for yield), and Allocate (lets $IMF holders vote on USDS incentive distribution) [3] Industry Implications - The protocol addresses a structural gap in DeFi by providing borrowing/lending paths for memecoin holders [1][4] - By making conviction bankable collateral, IMF contributes to the maturation of the meme economy [5] - The isolated Morpho vaults and overcollateralized USDS model could potentially extend to Zora Coins, niche NFTs, and even exotic Real World Assets (RWAs) [4]