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Apollo took bearish software view with bets against corporate debt

Private capital giant shorted loans and cut exposure to sector amid concerns over threat from AI

Apollo Global has grown increasingly bearish about technology companies vulnerable to artificial intelligence, betting against several large loans to software makers and cutting its exposure to the sector.

Apollo, with more than $900bn in assets, made bets against the loans of companies including Internet Brands, SonicWall and Perforce, which are owned by large private investment groups KKR, Francisco Partners and Clearlake, respectively, according to sources briefed on the matter,

Apollo’s short bets in the software sector, which lasted through a large part of 2025, have been closed, one of the people said.

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