Hence the IPO. Push the risk on to retail and index funds, away from private credit. Plus Microsoft, Google, and Amazon will also be holding the bag and have huge balance sheet write downs, the compute commitments have not yet been paid for it's all just promises.

The banks aren't has exposed this time, as in 2008, most of it is tied up in private credit, its more akin to the fiber buildout in the 90s.

Yes, and private credit investors are rushing for the exits but can’t get out because of withdraw limits. It’s starting to get ugly. Folks owning something they think is going to tank and they can’t sell.