Google has secured $35 billion in debt financing to fund its custom chip development, with Anthropic leasing the technology for AI model training and operations. Morgan Stanley advised on the transaction, while Broadcom backstops payments on the largest senior financing tranches. Roughly half the total financing was syndicated to additional investors, spreading risk across the private credit market.

The arrangement underscores intensifying competition in AI infrastructure, as tech companies race to secure specialized computing power. Anthropic's decision to lease rather than build chips reflects the capital-intensive nature of semiconductor development. Meanwhile, CalPERS elevated Orlich to oversee private equity, private credit, real estate, and infrastructure alternatives, effective immediately.

In Stockholm, Investor AB named Segerberg as successor to Kim Henriksson, who steps down after nearly eight years as CEO. Segerberg, currently Head of the CEO Office, joins the Executive Committee in July 2026. The leadership transition follows a global search for Henriksson's replacement.

These moves signal continued momentum in alternative investments and AI infrastructure financing. Pension funds are doubling down on private markets while tech giants pursue strategic partnerships to fuel growth. The financing structure demonstrates how complex deals now require multiple institutional partners to execute at scale.