FT News Briefing AI turns to a new type of lending
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Feb 27, 2026 
Victoria Craig, FT presenter, previews Greg Abel’s first Berkshire Hathaway letter. Michelle Chan, U.S. credit correspondent, outlines chip-backed leasing deals that fund AI infrastructure. George Steer, U.S. markets correspondent, explains Wall Street’s dispersion trades and hedging amid tech volatility. Short, punchy takes on financing, risk and market tactics.
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AI Firms Lease Chips To Avoid Huge Upfront Costs
- Tech firms are leasing AI training chips instead of buying them to avoid huge capital outlays and balance sheet bloat.
- Michelle Chan explains deals route chips through infrastructure funds that buy hardware and lease it back, like a car loan model.
Apollo's $3.5bn Deal With XAI Shows The Model
- Apollo funded XAI by closing a $3.5bn package where an infrastructure fund bought chips and leased them to Elon Musk's XAI.
- This lets XAI use top-tier hardware without outright purchase, shifting ownership to the fund.
Lenders Bet On Rent Not Resale Value
- Lenders secure loans against future rent payments rather than chip resale value, creating asymmetric returns but uncertain collateral worth.
- Michelle Chan warns the second-hand value of AI chips is unknown, unlike car resale histories.