The Semafor article exists and says substantially what the post says it says. The Federal Reserve Bank of New York has been visiting big banks to review their loans to private credit firms, and Fed officials have gone into JPMorgan, Wells Fargo, Barclays, and Morgan Stanley since the spring with questions about overall exposure, risk-management, and collateral quality, people familiar with the matter said.

The Fed, JPMorgan, Barclays, Wells Fargo and Morgan Stanley declined to comment.

Two things the post leaves out appear in the same article. The review was prompted in part by JPMorgan's move in March to mark down large swaths of loans in private credit portfolios, particularly those to software companies threatened by AI, and the Fed has concluded its review of some of the banks, including JPM.

It is not uncommon for the Fed to go into banks to review their holdings, particularly when there are frequent headlines about potential risks, and the Fed also does regular on-site evaluations. A separate summary of the same scoop notes the visits are separate from the Fed's routine on-site examinations and ongoing monitoring of bank risks , so coverage differs on how routine these visits were.

The March markdown event is independently documented. JPMorgan marked down the value of loans to software companies in the portfolios of private credit lenders, the Financial Times reported on 10 March 2026, citing unnamed sources, with software companies seen as vulnerable to the effects of artificial intelligence. The mechanism matters: the bank's trading division reduced the value of loans, most of which were made to software firms, sitting within the financing portfolios of private credit clients, and this was a preemptive move driven by market valuations, not actual loan losses .

On the AI buildout financing leg, research supports a large private credit role, framed as a projection. Across the full investment, Morgan Stanley projects roughly a 60-40 split between equity and debt, and within the debt component private credit is expected to account for the majority, about $800 billion or roughly 70 percent. One trade report states there are already more than $200 billion of outstanding private credit loans to AI-related companies .

A Fed official has addressed bank exposure to these lenders on the record. In a May 2026 speech, Governor Bowman noted that since 2015 the bank share of corporate lending decreased from 48 percent to 29 percent in 2025, and that loans to private credit vehicles "generally appear to be well collateralized, which should help protect against bank losses" . US supervisors are not alone: the ECB doubled the number of banks covered by a probe into links with private credit, asking more than 20 banks for details on their exposures, up from a dozen in previous exercises, according to people familiar with the matter .