The writer is deputy chief investment officer at Richard Bernstein Advisors
Meta’s 40-year bond sale last year was widely seen as a vote of confidence in Big Tech and artificial intelligence given the strong demand for the debt. Investors lined up to lend for four decades to a company considered among the world’s most financially secure.
But what looks like confidence may instead be complacency. Corporate bond investors are quietly absorbing enormous speculative risk and that is unlikely to bode well for equity holders.
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