The first victims of the AI crisis have emerged: private corporate debt. Some of the world's biggest brands—BlackRock, Blackstone, Blue Owl—have started restricting investor withdrawals. These funds mainly lend money to mid-sized companies, typically favoring asset-light service-oriented businesses. But now investors think these companies will be replaced by AI and would rather invest in computing power centers. So, the private corporate debt game that's been running on borrowing new to pay old for over a decade is about to rug