'Subprime data center crisis' could threaten the global economy in a way similar to the 2008 subprime mortgage debacle

A person in a data center using a Dell laptop.

• Bloomberg pegs outstanding AI data center debt above $500 billion right now
• CoreWeave isolates each loan inside its own separate special purpose vehicle
• Parent companies report only a fraction of their real total exposure, hiding the rest in shell entities

A growing body of analysts now warns that AI data center debt increasingly resembles the subprime mortgages that triggered the 2008 financial crisis.