I've covered pieces of this before in my conversations with Nick Namath on life insurance and private equity, and the stress fractures in private credit are already showing. The AI bubble is sitting on top of private equity, private credit, and real estate simultaneously. The AI bubble is sitting on top of private equity, private credit, and real estate simultaneously. The AI bubble is sitting on top of private equity, private credit, real estate, and standard equities all simultaneously elevated. The catch: those internal allocators then invested the balance sheet into the PE firm's own products, private credit, private equity, SaaS buildouts, AI infrastructure.