Hyperscalers are spending more than $750 billion a year on AI infrastructure, and much of it is for physical hardware that needs financing. That's creating a compelling opportunity for asset-based lenders who can underwrite real collateral and contracts rather than picking technology winners.

On this episode of Disruptive Forces, host Anu Rajakumar speaks with Sean Hinze of Neuberger's Specialty Finance team. Together, they discuss:

Why hyperscalers prefer off-balance-sheet financing and what that means for private credit
How to underwrite GPU deals when chip technology evolves every two years
Why power is the new bottleneck — and what a 68-gigawatt US shortfall means for lenders
Where the strongest relative value sits today across chips, power equipment, and fiber
How to separate hype from opportunity in a crowded space

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