← Depreciating CollateralEren Kahraman · November 2026
Figure 7.1. Risk channels and policy tools
Hardware obsolescence, Disclosure: Supporting, Collateral valuation: Core tool, Look-through data: Supporting, Stress testing: Core tool, Third-party oversight: —. Vendor financing, Disclosure: Core tool, Collateral valuation: Supporting, Look-through data: Supporting, Stress testing: Supporting, Third-party oversight: Supporting. Offtaker concentration, Disclosure: Core tool, Collateral valuation: —, Look-through data: Core tool, Stress testing: Core tool, Third-party oversight: Core tool. Revenue deflation, Disclosure: Supporting, Collateral valuation: Supporting, Look-through data: —, Stress testing: Core tool, Third-party oversight: —. Refinancing, Disclosure: Supporting, Collateral valuation: —, Look-through data: Core tool, Stress testing: Core tool, Third-party oversight: Supporting.
Supporting | Core tool | Supporting | Core tool | ||
Core tool | Supporting | Supporting | Supporting | Supporting | |
Core tool | Core tool | Core tool | Core tool | ||
Supporting | Supporting | Core tool | |||
Supporting | Core tool | Core tool | Supporting |
Supporting | Core tool | Supporting | Core tool | ||
Core tool | Supporting | Supporting | Supporting | Supporting | |
Core tool | Core tool | Core tool | Core tool | ||
Supporting | Supporting | Core tool | |||
Supporting | Core tool | Core tool | Supporting |
Note: “Core tool” shows tools that can address a channel directly; “supporting” shows tools that contribute indirectly.
Source: Author’s analysis.
View data table
| Channel | Disclosure | Collateral valuation | Look-through data | Stress testing | Third-party oversight |
|---|---|---|---|---|---|
| Hardware obsolescence | Supporting | Core tool | Supporting | Core tool | — |
| Vendor financing | Core tool | Supporting | Supporting | Supporting | Supporting |
| Offtaker concentration | Core tool | — | Core tool | Core tool | Core tool |
| Revenue deflation | Supporting | Supporting | — | Core tool | — |
| Refinancing | Supporting | — | Core tool | Core tool | Supporting |
From Depreciating Collateral: Technology risk in AI infrastructure debt and who holds it, Eren Kahraman, November 2026. Data as of 7 November 2026. Download the paper (PDF)