Private credit is very small, software loans even smaller. This is not a systemic issue. The only systemic risks are bank balance sheets and real estate/housing loans, both of which are in excellent shape.

The world always thinks it's the worst time. I've seen 15 worse ones in my career. This is not a rerun of 2008. Will AI affect some companies and will some loans not pan out? Yes, that occurs in every cycle. But this is not a big deal for the financial system.

It's change. People are always worried about change. We're going through faster changes today. We've been building the backbone of the global economy for 40 years. The type of things we're building today are just different: data centers and AI factories instead of water systems and toll roads. The backbone evolves and people get unsettled.

No. It's a very small component. I don't run Blue Owl and we don't make loans in software. As a financial person, this is small relative to global markets and we shouldn't get too wrapped up in it.

We coined the 3 D's: deglobalization, decarbonization, digitalization. Digitalization was building for the cloud, today it's building for AI factories. Decarbonization was building clean power, today it's building any power we can because we need more. Deglobalization was building in the US, today it's building in many countries.

Everything we're doing is contracted to a country or a company, so the risk is back to them. This is different from the dot-com era where you laid fiber hoping the customer would come. We're building for countries and enormous companies. The credit capacity is there. The only issue is we can't build them fast enough because demand is so large.

Look back over 50, 30, 20, 10 years - the world is better today. Look out 10, 20, 40 years - it's going to be better. Advances in medicine, technology, productivity, health, longevity. We're solving many issues. People focus on the short term. I'm positive 15 years from now they're all going to be better off.