# Apollo Outlines AI Financing as Athene Discloses $12.9 Billion in Digital Infrastructure Investments By John Kim Canonical URL: https://www.tokenpost.com/news/business/48402 Published: 2026-11-04T10:25:47.000Z Updated: 2026-11-04T10:25:47.000Z Section: Business > Apollo President Jim Zelter said the firm's AI financing has focused chiefly on power and chips. Athene classified about 92% of its funded digital infrastructure investments as investment grade. Apollo executives outlined a selective approach to financing artificial intelligence infrastructure on Nov. 3, after subsidiary Athene disclosed $12.9 billion in gross funded investments amid uncertainty over returns. Athene's funded digital infrastructure investments were measured as of Sept. 30 and represented about 3% of the insurer's gross invested assets. The $12.9 billion figure includes noncontrolling interests in Athene's co-investment affiliates, so it is larger than a measure of Athene's economic stake alone. Athene disclosed the figures Oct. 30. Chip investments accounted for $3.6 billion of the gross total. Another $3.6 billion was secured debt tied to investment-grade counterparties, while energy investments totaled $0.7 billion. The remaining $5 billion consisted primarily of public investment-grade debt issued by major AI infrastructure companies. Athene classified about 92% of the portfolio as investment grade. Some data center mortgages in the secured-debt category rely on tenants' credit standing for that classification but carry no direct guarantee to Athene. Some mortgages included in the investment-grade share also lack agency ratings. The portfolio breakdown adds detail to Apollo's financing activity. At Apollo's Nov. 3 earnings call, Apollo President Jim Zelter identified power and chips as the chief focus of the firm's AI financing. He described uncertainty over the returns those investments will produce: “What we don’t know is how pricing and economics will evolve.” Zelter put Apollo's aggregate AI exposure at about 2.5% to 3%. He said the firm would typically invest at lower concentrations than those he discussed for investment-grade bond indexes. He did not announce a binding exposure limit. The remarks follow [PIMCO CEO Emmanuel Roman's warning that AI financing could become excessive](). Apollo's figures describe its own exposure, while Athene's roughly 3% figure measures its funded digital infrastructure investments against its gross invested assets. Apollo CEO Marc Rowan addressed high valuations and risk more broadly, saying, “FOMO is not an investment strategy.” Separately, he said concentrated credit exposure requires greater return and safety. ## Links in this article - [PIMCO CEO Emmanuel Roman's warning that AI financing could become excessive](https://www.tokenpost.com/news/business/47468)