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Re:OpenAI declares 'code red' as Google catches up in AI race by azemetre on Tuesday December 02, 2025 @05:18PM (#46127719)
Most of the credit being throwing around isn't coming from traditional banking companies, mostly private credit being utilized.

Private credit isn't really unregulated.

If you're interested in learning more I believe Matt Stoller has written a few articles about the private credit markets.

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