Company
PIMCO is a global asset management firm known for fixed-income and bond investing, managing trillions in assets across public and private markets.
Moody's Analytics' Mark Zandi calls the U.S. economy vulnerable, citing payroll growth near 40,000 a month and essentially zero outside healthcare. Markets put 50% odds on an October Fed hike after 3.7% CPI, Pimco's Tiffany Wilding said.
Reality
Economists polled by the Wall Street Journal expect the 10-year Treasury yield to ease only to 5.1% by year-end and 4.8% a year later, Semafor reported. Growth and inflation forecasts barely moved, so the case for high yields rests on the supply of capital.
Reality
Waymo closed a $5 billion term loan, its first debt financing, with Goldman Sachs as sole lead bookrunner. Waymo said proceeds will fund expansion in the US and abroad. The rate, maturity and collateral were not published.
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Waymo closed a $5bn loan from Pimco, Blackstone and Sixth Street, the first debt the Alphabet-owned robotaxi company has taken on. The money pays for more cars in cities it already serves and for launches abroad, and as a term loan it has to be repaid whatever the ride numbers turn out to be.
Perspective Coverage
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Pimco's Dan Ivascyn calls a 6% 10-year Treasury yield feasible after the benchmark touched a 24-year high of 5.34%. Hedging by holders of AI and mortgage bonds adds to the selling, so well-bid auctions do little for borrowers.
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SpaceX is seeking $40 billion in Apollo-led debt to buy Nvidia chips, $30 billion of it investment-grade, the Financial Times reported. The deal would close in 2027, the year most of its $28 billion in AI commitments come due.
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Bill Gross told investors to own no bonds except one-year Treasury bills at 4.55%, citing about $84 trillion of credit and federal debt at 100% of GDP. Holding only bills gives up the gain longer bonds would make in a slowdown, and Gross himself expects the debt to bring one.
Reality
Low-rated companies have raised $88 billion for AI deals this year, Goldman Sachs figures show, and lenders now check revenue before they lend. Credit goes first to borrowers with long contracts and hard assets, so a small AI vendor's cost of debt shows buyers how lenders rate its staying power.
Reality
One month erased more than a third of the firm's year-to-date trading revenue, according to a single report. The financing response narrows who gets to see the numbers.
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PIMCO's credit note says spread dispersion along the AI financing chain stays limited while the risk at each rung differs sharply, and it expects a wider set of issuers and structures to force the differentiation later.
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The July figures OpenAI showed to win a computing deal describe a build that costs more while taking less cash out of the company, because partners are financing it. The obligations sit on their accounts.
Reality
Michigan's package is $16.3bn anchored by PIMCO, Texas and Wisconsin about $38bn, New Mexico $18bn. Against a target of up to 10 gigawatts, the named money works out at roughly $7.2bn per gigawatt. The suppliers bill on megawatts energised.
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Kim Sung-hwan told Korean reporters in Manhattan that data centres were the question overseas investors raised most often, and he came back from London and New York with agreements from Fidelity International, PIMCO and Carlyle.
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Oracle spent $28bn on construction and equipment last quarter, which is $5bn more than a record quarter of cash generation. Customers renewing GPU capacity into 97.9 percent utilisation are paying about 20 percent more.
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Austan Goolsbee told Fortune the AI buildout is bidding construction workers and HVAC away from other firms, and that a sector rebalance is "not far" from becoming aggregate overheating, which is the Fed's business.
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The warrants cost the developer nothing today and have already gained $1.9bn, which is a fair measure of what a twenty-year commitment from an underwritable tenant is worth to a company heading for an IPO.
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The firm's first down month in a decade came from its AI-adjacent book, not its millisecond business. Its response, closing risk in the affected strategies and trimming elsewhere, is the part that matters.
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