The AI Capex Credit Cycle: Why 2008 — Not 2000 — Is the M&A Playbook
The AI capex boom isn’t a 2000 dot-com equity bubble—it’s a 2008-style credit machine built on massive, highly concentrated RPO loan books. Credit machines don’t break when demand collapses; they break when growth merely decelerates. Here is what the second-derivative slowdown means for SaaS M&A, valuations, and look-through due diligence.