{
  "generatedAt": "2026-10-22T03:46:57Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "person",
  "slug": "torsten-slok",
  "name": "Torsten Slok",
  "role": "Apollo",
  "url": "https://deepstack.ltd/people/torsten-slok/",
  "api": "https://deepstack.ltd/api/v1/entities/people/torsten-slok.json",
  "summary": "Torsten Slok is named in 9 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 8 (The cash has to triple), Part 9 (The inertia businesses), Part 10 (A long end nobody caps), Part 10 (Not the customers, yet), Part 11 (Funded, not forecast), Part 14 (The buyers have not paid yet), Part 14 (Voices that cross sides), Part 15 (The two shocks compound), Part 15 (Voices that cross sides), Part 17 (Voices that cross sides).",
  "parts": [
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "headline": "Habit Was the Moat. Agents Are Draining It.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "headline": "The Backlog Is Not the Quarter",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "headline": "The Model Is Not the Price",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "headline": "The Cash Arrives Unevenly",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 15,
      "headline": "Oil Is the Headline. The Real Yield Is the Bill.",
      "url": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/"
    },
    {
      "part": 17,
      "headline": "The Guarantee Has No Date",
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    }
  ],
  "numbers": [],
  "mentions": [
    {
      "part": 6,
      "section": "The megawatt premium",
      "excerpt": "Michael Burry, citing Apollo’s Torsten Slok, says private non-residential construction excluding data centers fell 7.9% year over year in June.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "section": "Who writes the checks",
      "excerpt": "Torsten Slok, Apollo’s chief economist, turns the revenue question into an accounting test.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "section": "The first bill",
      "excerpt": "Torsten Slok’s earlier question was who would write the checks if technology companies’ cash flow doubled while their customers’ did not.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 9,
      "section": "Habit is not a moat",
      "excerpt": "Torsten Slok’s fear that agents will move deposits from accounts earning the 0.1% national average to accounts yielding 3.3% to 5% is economically coherent, but Walker notes that cash-sorting fears have recurred at events including the SVB collapse and mostly failed to play out.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "section": "Who writes the checks",
      "excerpt": "Torsten Slok of Apollo says adding technology analysts’ forecasts roughly doubles the sector’s operating cash flow to about $2.4 trillion by 2028, a gain of more than $1.2 trillion.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "section": "The bill raises the rate",
      "excerpt": "Torsten Slok and Burry tie the rate rise directly to the buildout.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "section": "Lede",
      "excerpt": "Torsten Slok of Apollo reported on September 21 the consensus that the hyperscalers' operating cash flow more than triples by 2030, outrunning their capital spending.",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "section": "Open weights set the price",
      "excerpt": "Torsten Slok of Apollo put the gap at about four months on July 16, citing the Epoch Capabilities Index.",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "section": "The bill has moved to debt",
      "excerpt": "Torsten Slok of Apollo wrote on September 12 that the spenders had raised every dollar they sought, at a rising price: spreads on their longest bonds had widened, and most of their 2026 issues traded wider than at sale.",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 15,
      "section": "The boom pays the rate",
      "excerpt": "Torsten Slok of Apollo answered on September 26 that more than a strong economy is lifting rates, with sticky inflation at the front end, record hyperscaler debt sales in the belly and fiscal worry at the long end.",
      "url": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/"
    },
    {
      "part": 15,
      "section": "The Call",
      "excerpt": "The single most important reason for caution is the core: if diesel reaches core prices, as Torsten Slok of Apollo argued on September 23, expectations follow and the two shocks compound.",
      "url": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/"
    }
  ],
  "sides": [
    {
      "part": 8,
      "question": null,
      "side": "cash-has-to-triple",
      "sideLabel": "The cash has to triple",
      "claim": "The tech silo is betting on a future in which demand for AI and tech services explodes, while the silos covering the companies that would pay for those services see a much more modest outlook, and both cannot be right at the same time.",
      "date": "2026-09-29",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/tech-trillion-dollar-internal-inconsistency",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": null,
      "side": "cash-has-to-triple",
      "sideLabel": "The cash has to triple",
      "claim": "In S&P 500 Q2 earnings season data, AI adoption keeps broadening: 69% of companies now point to a live deployment, up from 64% last quarter.",
      "date": "2026-09-11",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/from-who-is-deploying-ai-to-who-can-prove-the-roi",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "question": "whose-margin-pays",
      "side": "inertia-businesses",
      "sideLabel": "The inertia businesses",
      "claim": "Either tech's customers will generate a lot more cash than their analysts expect, or tech's cash flow forecasts are too optimistic, which raises the question of who exactly will be writing all those checks to buy AI services.",
      "date": "2026-09-29",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/tech-trillion-dollar-internal-inconsistency",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": "whose-margin-pays",
      "side": "inertia-businesses",
      "sideLabel": "The inertia businesses",
      "claim": "Agentic AI assistants like Muse could soon automatically sweep household cash into accounts paying 3.3% to 5.0%, instead of leaving it in checking accounts earning the 0.1% national average.",
      "date": "2026-09-27",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/is-an-agentic-bank-run-coming",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "not-the-customers-yet",
      "sideLabel": "Not the customers, yet",
      "claim": "Rates are rising for reasons beyond a strong economy: sticky inflation is lifting yields in the front end, record hyperscaler debt issuance is pressuring the belly, and fiscal worries are pushing up the long end.",
      "date": "2026-09-26",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/recent-rates-volatility-risks-and-opportunities-in-credit",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "not-the-customers-yet",
      "sideLabel": "Not the customers, yet",
      "claim": "This disclosure pattern still leaves investors without a verifiable link between AI capex and the top line.",
      "date": "2026-09-11",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/from-who-is-deploying-ai-to-who-can-prove-the-roi",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": "what-does-5-percent-do",
      "side": "long-end-nobody-caps",
      "sideLabel": "A long end nobody caps",
      "claim": "Because data centers, power generation, transmission and government deficits are all long-duration claims on savings, the competition for capital concentrates at the long end of the curve, which is why long rates have moved more than short rates.",
      "date": "2026-09-12",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/from-a-savings-glut-to-a-savings-shortage",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "question": null,
      "side": "funded-not-forecast",
      "sideLabel": "Funded, not forecast",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-buyers-have-not-paid-yet",
      "sideLabel": "The buyers have not paid yet",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "In the data center buildout, hyperscalers have been able to raise all the capital they have asked for, but they are paying more for it: spreads on their longest-dated bonds have widened, and most 2026-issued paper trades wider today than where it…",
      "date": "2026-09-12",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/from-a-savings-glut-to-a-savings-shortage",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "The credit story for hyperscalers depends on a single consensus assumption that operating cash flow triples from $600 billion to $2 trillion.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 15,
      "question": null,
      "side": "the-two-shocks-compound",
      "sideLabel": "The two shocks compound",
      "claim": "The term premium measures the extra yield investors demand for holding a long-dated bond beyond what expectations for Fed policy alone would justify, making it a key market-based gauge of fiscal sustainability and Fed credibility.",
      "date": "2026-09-02",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/",
      "sidesUrl": "https://deepstack.ltd/sides/oil-is-the-headline-the-real-yield-is-the-bill/"
    },
    {
      "part": 15,
      "question": null,
      "side": "the-two-shocks-compound",
      "sideLabel": "The two shocks compound",
      "claim": "The combination of record diesel crack spreads and rising Treasury yields suggests the bond market is pricing in a broader inflation shock.",
      "date": "2026-09-23",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/the-diesel-shock-is-a-core-inflation-shock",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/",
      "sidesUrl": "https://deepstack.ltd/sides/oil-is-the-headline-the-real-yield-is-the-bill/"
    },
    {
      "part": 15,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Rates are rising for reasons beyond a strong economy: sticky inflation is lifting yields in the front end, record hyperscaler debt issuance is pressuring the belly, and fiscal worries are pushing up the long end.",
      "date": "2026-09-26",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/recent-rates-volatility-risks-and-opportunities-in-credit",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/",
      "sidesUrl": "https://deepstack.ltd/sides/oil-is-the-headline-the-real-yield-is-the-bill/"
    },
    {
      "part": 15,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Because diesel is embedded in the cost of goods broadly, a rise in diesel prices does not stay confined to the energy line of the CPI but migrates with a lag into core goods and services prices, which is the kind of pass-through the Fed cannot…",
      "date": "2026-09-23",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/the-diesel-shock-is-a-core-inflation-shock",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/",
      "sidesUrl": "https://deepstack.ltd/sides/oil-is-the-headline-the-real-yield-is-the-bill/"
    },
    {
      "part": 17,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "A cycle that builds at 0.85 percentage points a year can unwind at a similar pace, and that pace of unwind, rather than the buildout itself, is the macro risk if AI demand disappoints.",
      "date": "2026-08-06",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Hyperscaler credit spreads are widening as the AI buildout is increasingly funded with debt rather than organic free cash flow, and as issuance surges the question is whether the all-in yield climbs to a level where the marginal data-center dollar…",
      "date": "2026-07-29",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    }
  ],
  "coverage": null,
  "lastUpdated": "2026-10-22"
}