Feb. 24 at 8:57 PM
JPMorgan Chase CEO Jamie Dimon warned that “dumb stuff” reminiscent of the 2008 financial crisis may be resurfacing—this time in the
$3 trillion private-credit market. He cautioned that credit cycles often bring surprises and said his “anxiety is high,” particularly as opaque lending grows outside traditional banks.
Private-credit giants like Blue Owl Capital , Blackstone , and Apollo Global Management have expanded aggressively, stepping in as banks retreated from corporate lending. Much of that growth funded private-equity deals and, more recently, AI-related data center buildouts. Concerns are mounting that heavy exposure to leveraged tech and infrastructure projects—such as financing tied to CoreWeave —could strain lenders if conditions worsen.
Unlike public markets, where falling stock prices quickly signal stress, private credit is illiquid and loans are often marked internally, delaying recognition of losses.
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