Macquarie says it is more rigorously stress testing its growing exposure to software businesses as increasing uncertainty about the impact of artificial intelligence on technology companies hurts valuations and spreads to some of the world’s largest private equity and private credit investors.
Shemara Wikramanayake, the asset management and banking giant’s chief executive, said a quarter of Macquarie’s balance sheet investments and private credit loans involved software-as-a-service businesses. That’s a sector that has been heavily sold off as the market worries that increasingly complex AI platforms will lower revenue growth and, with it, returns.
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