Ed Ludlow

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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.

And judgment, transparency, that's exactly what the private credit market doesn't have much of, Silas.

And it's interesting that Bank of America today is putting out a note saying there is a significant level of misinformation weighing on Blue Hour stock and the private credit industry in general.

Silas, how can they appease that and really talk to a more transparent era when you are seeing them close funds and indeed not allow people to access money?

It certainly is.

We'll make Silas Brown all across that story for us.

Thank you very much indeed.

Now coming up, President Trump looks to rebuild his global tariff policy after the Supreme Court struck down his use of the IEPA law.

That's next.

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