When BlackRock raised billions of dollars in debt financing for a Meta data center, one type of investor was the asset management giant deliberately shunned: investors looking for quick profits. People familiar with the matter said that in order to protect this transaction from the cooling of the AI-related bond market, underwriters intend to prioritize so-called “real money” investors such as pension and insurance funds when placing bonds. Such institutions usually hold for a long time after purchase. Unlike investors who trade frequently, the latter's rapid entry and exit strategy may quickly slow down the performance of bonds in the secondary market. This was a defensive move taken after investor preferences were reversed. As tech company borrowing surges, buyers are increasingly worried that huge AI expenses will ultimately not bring corresponding returns.

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