Apollo Backs AI Startups, Takes Small Stake in Mercor’s $20B Round

Apollo's move is notable less for its size than for its direction: a private-credit and alternatives giant testing equity exposure to AI applications and the hardware layer beneath them, spanning data-labelling, chips and machining. That breadth suggests a thesis about picks-and-shovels infrastructure rather than a single bet. The open question is whether this remains opportunistic deal-by-deal participation or becomes a standing strategy, and whether other credit-first firms follow into AI equity.