Ed Ludlow

Thank you very much indeed.

Meanwhile, coming up, Blue Owl Capital permanently shuts the gates on one of its funds, making the private credit market even more jittery after existing AI concerns.

Stick with us.

This is Bloomberg Tech.

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Morgan Stanley Investment Management is looking away from AI and adding to emerging market bets that are insulated from the AI boom.

Now, the firm's deputy chief investment officer says it is positioning itself for a potential pullback in the crowded tech trade following rising concerns over stretched valuations and heavy capital spending by U.S.

tech giants.

Ed.

Blue Owl Capital has permanently shut the gates on one of its funds, preventing investors from withdrawing their cash, and is selling assets to return investor capital.

It's the latest sign of frenzy in a $1.8 trillion private credit market, troubled with worry about overspending on AI.

Bloomberg's private credit reporter Silas Brown joins us.

If you look at kind of what's happened in the public markets, how some of these names in credit have traded, there is something behind that that's related to technology.

Take it from there.