Data-center financing among key themes in upcoming asset manager earnings, brokerage says
** Piper Sandler expects increased scrutiny on data-center financing as Wall Street heads into Q3 earnings season for alternative asset managers
** AI cloud companies have had a tough run in equity and bond markets this month as investors scrutinize valuations and question whether massive spending on the technology will generate returns quickly enough
** Brokerage says AI selloff could sharpen scrutiny on asset managers that are key lenders and financing in digital infrastructure and AI
** Digital infra will likely be a long-term positive for asset managers, but there is potential headline risk in coming weeks and quarters - Piper Sandler
** "Management teams will likely be put in the position to 'disprove the negative' similar to recent quarters related to direct lending credit quality, which has largely held up contrary to many original external expectations," Piper Sandler analysts say
** Blackstone BX.N kicks off earnings season for alternative asset managers this week, while private credit firms Ares Management ARES.N and Blue Owl Capital OWL.N are set to report next week