Bloomberg Surveillance Bloomberg Surveillance TV: September 29th, 2025
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Sep 29, 2025 Manny Roman, CEO of PIMCO, discusses the explosive need for private credit financing in the AI data center boom and the importance of careful capital deployment amid uncertainty. He warns that historical recessions could significantly impact private market returns. Max Kettner, Chief Multi-Asset Strategist at HSBC, explores the current equity rally and posits that a Federal Reserve rate cut could drive asset inflation, despite concerns about potential policy reversals. Their insights shed light on pivotal market dynamics.
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AI Data Centers Create Huge Infrastructure Demand
- Manny Roman sees massive long-term demand for data centers and related energy infrastructure, though estimates like $6.7tn have wide uncertainty.
- He expects a funding rush and is bullish on natural gas as the energy backbone for AI infrastructure.
Originate Selectively, Focus On Relative Value
- Evaluate every private deal on relative value rather than originating for scale alone.
- Prioritize opportunities that match your portfolio risk-return and avoid originating just to originate.
Private Markets Haven't Been Properly Tested
- Private direct-lending returns can vanish in recessions despite attractive yields in good times.
- Roman warns that private markets since 2009 benefited from exceptional conditions that may not persist.