Carlyle Research Chief Warns AI Data-Center Financing Echoes Pre-Crisis Mortgage Structures

Carlyle’s Jason Thomas is warning that parts of the AI data-center lending boom resemble the pre-2008 mortgage market, not because the assets are identical, but because creditors may be relying on guarantees and wrappers instead of directly underwriting the economics of the underlying collateral. The warning lands as AI infrastructure has shifted from a mostly self-funded hyperscaler buildout into a debt-heavy market involving leases, project finance, securitizations and private credit.