Steve Bannon Warns 'Questionable' AI Financing Echoes the Run-Up to 2008

Steve Bannon, the War Room host and former White House chief strategist, warned on Wednesday that the borrowing behind the artificial intelligence boom has become so tangled that it looks like the financial system before the 2008 crash. He also said he opposes leaving the industry's "oligarchs" to manage the risk on their own.

He made the warning as Wall Street waits on Anthropic, the AI developer preparing a stock market debut, and as the largest tech companies borrow at a record pace to build data centers. Bannon said that "if Wall Street doesn't get the IPO of Anthropic out, that it could lead to a ripple effect of very bad consequences, maybe to other equities and even debt."

Steve Bannon on AI Debt: 'Questionable Financing'

The remarks came in a short segment between interviews on an episode otherwise given over to the midterm elections. Bannon said investors "still don't even have a grasp of how much total debt's out there, how much interlocking debt, what they're doing with the GPUs"—the graphics processors that AI systems run on.

"It's getting as complicated as before the 2008 crisis." — Steve Bannon

Bannon did not name President Donald Trump or any administration policy. He aimed at the companies and financiers behind the build-out.

What the Numbers Show on AI Borrowing

The data supports Bannon's point about scale. Hyperscalers issued $225 billion in bonds through midyear, a 973.7 percent jump, and are on pace for a record haul, Fortune reported in July.

The borrowing that does not show up as bonds is harder to see, which is the point Bannon was making about "interlocking debt." A Nikkei study put hidden borrowing at U.S. tech giants at $1.65 trillion, Fortune reported.

Total debt across U.S. nonfinancial corporations stood at about $15.7 trillion in the second quarter of 2026, up from $12.3 trillion at the end of 2020, according to Federal Reserve data.

Anthropic IPO Faces a Shaky Market

Anthropic's offering would land in a shaky market. Several companies have pulled or shrunk listings this year. The Wall Street Journal reported that Anthropic posted an $80.7 billion net loss on $16.3 billion in revenue in the first half of 2026, a figure Fortune noted on Wednesday. Matt Kennedy of Renaissance Capital told Fortune that a profitable listing can recycle money into later deals, so the stakes reach beyond one company.

Why 2008 Shapes Steve Bannon's Warning

For Bannon, the 2008 comparison is about his movement's origin story as much as finance.

The Troubled Asset Relief Program, the $700 billion Wall Street rescue, became law in October 2008 under President George W. Bush. Bannon's argument is that the bailout of that era fueled the populist right.

The Federal Reserve data show the broader corporate debt load has grown about 28 percent since the end of 2020, a far slower climb than the surge in hyperscaler bond sales. Bannon offered no figures of his own for the total debt he described.

What Happens Next

Bannon told viewers he would come back to the subject.

He did not say what limits he wants on AI financing, or who should set them.