From:
In a Fortune story on what Anthropic's IPO filing reveals about funding its computing goals, Stijn Van Nieuwerburgh, professor of real estate and finance at Columbia Business School, explains the risks behind supplier-backed financing. "Separate contracts can transmit the same underlying demand shock across multiple balance sheets," he says, so "individual loans can become safer while the broader system becomes more concentrated but also harder to assess." He also warns that a data center with secured power "could certainly become a stranded asset if data center demand ultimately disappoints."
