Financial institutions are reducing the amount of credit they extend to builders of AI hardware facilities. SMBC and MUFG are curtailing their participation in data center financing after previously dominating the sector's lending activities. In 2025, MUFG was a party to 15 of the 25 largest data center transactions, while SMBC was involved in 7, including funding for Stargate, CoreWeave, Vantage, and a $15B bridge loan for SoftBank.

Lenders across the industry are becoming more selective about which infrastructure projects they support. This pullback from the market may extend to other global banks, with reports suggesting BNP Paribas is the next institution to reduce its exposure to the asset class.