Sixth Street chief warns of $200 billion chip inventory glut! AI infrastructure faces credit divergence as "turning compute orders into cash flow" begins to dominate AI investment

Zhitong Finance APP has learned that Alan Waxman, CEO of Sixth Street Partners, said in a media interview on Wednesday that AI capital expenditure is unprecedented in scale, while unit economics are still changing and difficult to predict. With rapid credit expansion combined with the sentiment of chasing the AI investment boom, some banks have begun seeking to sell construction loans on a large scale, and Sixth Street has therefore largely stayed on the sidelines, being especially cautious about debt investments. Waxman emphasized that he sees increasing signs of turbulence in the AI boom, so the company has largely maintained a wait-and-see attitude.