Apollo Global Management originated a record $114 billion in new loans in the third quarter, up 54.1% from the previous quarter, with lending over the past 12 months reaching $356 billion, up more than 30% from a year earlier, according to the Financial Times and other outlets on the 3rd. The firm is expanding into AI infrastructure financing, providing funding to Anthropic and SpaceX and designing complex structures that raise large sums against high-priced AI chips as collateral. Apollo invests premiums collected by its life insurance affiliate Athene in corporate loans and other assets, aiming to earn returns 0.3 to 0.4 percentage points higher than those on highly rated corporate bonds. Apollo President Jim Zelter said society will use a lot more compute going forward, adding that new deal origination and investment activity is concentrated mainly in power and semiconductors. Some point to declining collateral values as a risk; rival Ares Management chief executive Michael Arougheti said he is avoiding loans secured by AI chips, while Apollo says it reduces risk through installment repayment and guarantees from companies with strong credit. Apollo reported third-quarter revenue of $4.74 billion, down about 52% from a year earlier, and a net loss of $1.057 billion, while fee-related earnings in its asset management segment rose 23% to a record $802 million.