June 5th, as the new redemption window for the quarter opens, the redemption storm in the U.S. private credit market has struck again. Several leading institutions have successively disclosed record-breaking redemption requests, and the market's confidence in this $1.8 trillion industry is far from over.

Among them, Blackstone BCRED's redemption requests reached 10%, hitting a new record and re-approaching the 5% cap; Cliffwater's flagship fund's redemption ratio increased to 17%; Partners Group was forced to block exit channels. Fitch data shows that private credit default rates have risen to a historic high of 6%, and PIMCO warns that a persistent credit default cycle has begun. The private credit industry is overly concentrated in software assets, and the disruptive impact of artificial intelligence is forcing this sector to re-evaluate. Pacific Investment Management Company (PIMCO) Chief Investment Officer Daniel Ivascyn warned that "a sustained credit default cycle has begun for the first time in years."#分享美股交易赢英伟达股票