Investors are souring on listed private credit funds that lend to software companies as concerns grow over AI’s potential to disrupt their business models and eat into their profits.
Worries over some software companies’ ability to service their debt have intensified this month after start-up Anthropic launched a new AI model that can automate a variety of professional tasks such as sales, finance and legal work, prompting a heavy sell-off in the sector.
Bonds and shares of business development companies (BDCs), which make loans to middle-market groups, have also fallen sharply, despite a rebound on Friday and Monday, highlighting the large exposure that the private credit industry has built to the sector in recent years.
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