Galaxy’s Novogratz Says AI Spending Credit Anxiety May Be Near Peak

Novogratz's read matters because it comes from a firm whose own quarterly results frame the call, tying the AI-spending credit debate to a crypto-adjacent balance sheet rather than a pure macro voice. The "indigestible" framing suggests the concern is absorption capacity in credit markets, not AI demand itself — a distinction that shapes how the anxiety gets priced. Whether that anxiety has genuinely peaked is the open question, and the answer likely shows up in credit spreads rather than in AI capex headlines.