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"CrossingBridge Advisors remains deeply skeptical of the AI infrastructure boom, drawing parallels to historical boom-bust cycles that destroyed investor capital despite technological importance. They increased investment grade allocation and dry powder as spreads tightened, while selectively investing in Norwegian data center debt, Oracle bonds at dislocated spreads, and event-driven credits including Warner Bros Discovery, Spirit Airlines, and Evoke."
CrossingBridge Advisors expresses deep skepticism about the AI infrastructure buildout, comparing it to historical boom-bust cycles in canals, railroads, and telecom where genuine technological revolutions destroyed enormous investor capital despite ultimate economic importance. AI-related revenue was roughly $25B against over $250B of infrastructure spend in 2025, with Goldman Sachs estimating the industry would need over $1 trillion in annual profit to justify current spending levels. The manager increased allocation to investment grade credit and dry powder over the past twelve months as credit spreads remain tight and valuations appear overextended. Despite concerns, they invested selectively in PolarDC Finance for a 93MW Norwegian data center at EURIBOR + 600 bps, viewing Norway's renewable power and cool climate as structural advantages. They also purchased Oracle bonds at elevated spreads, Warner Bros Discovery term loans ahead of the Paramount merger, Spirit Airlines equipment trust certificates ahead of liquidation, and Evoke debt ahead of the Bally's acquisition. The manager emphasizes that dreams may reach the stars but returns remain grounded in economics, favoring disciplined credit selection with strong structural protections over thematic momentum.
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