Marc Rowan

This is exactly what's happening between our two firms.

Because you have an entire ecosystem of which your firm is a major player that has not never been capital intensive.

And for the first time, not only is it capital intensive, but it is going to be capital intensive on a scale that is unimaginable.

Because the amount of money that's going to be put into data centers, into chips, into robotics, into manufacturing, into defense is, as I suggested, every dollar since the invention of fire.

That is not going to be financed with equity entirely because that is not efficient.

and the scale of it is not achievable, it is going to have to be parceled out into various risks.

And that's what we're seeing happen right now.

So if I look at the drivers of our business for this year, it is data centers, it is massive amounts of chip financing, and what we're doing is we're parceling out the risks.

On the venture side, on the equity side, there is the fundamental business underwrite of this company or that company,

And then on the infrastructure side, things that are reusable, things that have hard asset value are being offloaded into the credit markets at the appropriate rate of return and at the appropriate risk rating.

But I believe we're approaching a really interesting time.

We've never really talked about the quantum of money.

I think that's where we are right now.

The 2025 was just proof of concept that data centers and chips and energy were all needed.

2026, the market is starting to recognize that if this continues, 800 billion of CapEx from just four public companies this year, not to mention the private, that everyone who is an investor is going to be concentrated in certain names.

And we're actually going to hit concentration limits.

We're starting to see this across the board.

I think spreads are going to widen.

I think really good entrepreneurs are going to end up in partnership with entrepreneurs of another type, those who are financial entrepreneurs who help to democratize credit assets and hybrid equity and other types of things.

And I don't think the imagination is going to stop at chips and data and energy.