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AI-related financing could grow to about $10 trillion over the next five years, eventually reaching excessive levels, said Emmanuel Roman, CEO of PIMCO: BBG
eventually?
AI infrastructure spending is driving a sharp increase in US bank lending:
Commercial and Industrial (C&I) loans at large US banks surged +11.4% YoY in October, to $1.6 trillion, the most since June 2020.
This also marked their largest YoY growth since February 2023.
In Q3, C&I loans at the 25 largest US banks grew almost +10.0% YoY, the strongest growth in 10 years excluding pandemic-related swings.
This represents a sharp reversal from an -8.0% YoY contraction in Q4 2025.
The surge has been driven by rising borrowing demand from Big Tech companies and data-center developers to fund AI infrastructure projects.
At the same time, regional lenders are providing credit to construction companies and other businesses benefiting from the investment boom.
The data-center buildout is increasingly being funded by debt.
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