The smartest money in credit markets is doing something interesting right now. Instead of piling into AI-linked debt alongside everyone else, DoubleLine Capital and Oaktree Capital Management are quietly buying instruments they believe will hold up, or even thrive, when the trillion-dollar AI infrastructure binge eventually hits a wall.
The case for caution in a gold rush
Technology companies have committed trillions of dollars to AI infrastructure development, and the debt markets have been more than happy to finance the buildout. At the Bloomberg Global Credit Forum in June 2026, portfolio managers from both firms laid out their thinking. Robert Cohen flagged that bond pricing could reach frothy valuations driven by the sheer volume of tech investment flowing into AI. Christina Lee emphasized that data center financing, the backbone of the AI infrastructure boom, is still in its early stages and demands a highly selective investment approach.
DoubleLine has maintained a cautious posture on AI-related debt since late 2025, warning that the emerging sector’s potential for over-leverage could meaningfully shift the risk profile of the entire US investment-grade credit market.
Oaktree’s dual strategy
