The Rundown Eli Lilly Bets Billions on AI Drugs From China, Private Credit Panic Grows
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Mar 30, 2026 A quick dive into turmoil in private credit and surprising hidden software exposures. A big $2.75 billion AI-driven drug deal with a Chinese biotech gets unpacked. Market moves from Middle East attacks lift aluminum stocks. Airline and gaming sector shifts tied to airport disruptions and AI-related hardware costs are highlighted.
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No Safe Haven As War Pushes Oil And Inflation
- Global markets are being squeezed because the Iran war is lifting oil and inflation while removing traditional hedges like gold and bonds.
- Zaid Admani notes Brent crude jumped above $115 and gold dropped 10% while bond yields rose, leaving few safe havens beyond energy stocks.
Hidden Software Exposure Is Amplifying Private Credit Risk
- Private credit is under stress with record withdrawals and some funds imposing limits on redemptions.
- The Wall Street Journal found four large funds understated software exposure (reported 19% vs ~25%), raising default concerns amid AI disruption.
Avoid Rushing Private Credit Into Your 401k
- Be cautious about adding private credit or private equity to 401(k)s right now due to liquidity and concentration risks.
- Zaid Admani flags a new Trump administration rule proposal to ease 401(k) access to these alternatives despite ongoing turmoil.