The Information's TITV Microsoft Lowers AI Sales Growth Targets, AI’s Impact on Venture Capital & Travel | Dec 3, 2025
22 snips
Dec 3, 2025 
Aaron Holmes, a Microsoft reporter, discusses the company's decision to lower AI agent sales quotas due to client hesitations and industry-wide adjustments. Finance editor Ken Brown analyzes the increasing role of credit ratings agencies in overseeing AI debt, highlighting potential risks. Nnamdi Okike of 645 Ventures shares insights on declining venture capital fundraising and the challenges of venture debt. Lastly, Johannes Reck, CEO of GetYourGuide, explores the competitive landscape of the travel experiences market and the implications of European regulation.
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Ratings Agencies Are Central To AI Debt
- Credit rating agencies are stepping into the AI debt story as major tech firms borrow for capex.
- Early ratings (like S&P on Meta) look prudent but it's too soon to judge long-term rigor.
Private Credit Is The Opaque Risk
- The big risk is opaque private credit and unrated deals backing AI growth.
- Firms like Apollo, Blackstone and Blue Owl dominate private lending that lacks transparency.
Ratings Extend Into Stablecoins
- Rating agencies are adapting new frameworks to assess stablecoins and crypto assets.
- S&P downgraded Tether to its weakest stability rating due to riskier reserve mixes.