The Globe and Mail reports in its Thursday edition that private credit, an industry focused on lending to risky companies, has been one of the fastest-growing sectors on Wall Street, but the tide has started to turn. A New York Times dispatch to The Globe says that Blue Owl Capital Inc., the largest private credit firm, has seen its stock fall more than 50 per cent over the past year as investors pull money from funds the firm manages. Apollo Global Management and BlackRock, two other large players, have also rattled investors with writedowns on large loans to several troubled e-commerce companies. Concerns about risks in the industry have been rising for months after a smattering of loan losses have raised questions about the financial stability of private credit borrowers. A trigger for this week's turmoil was a sudden fear that software companies, which borrow heavily from private credit firms, could be upended by artificial intelligence. Software firms have received roughly 20 per cent of loans made by private credit funds, and analysts at Barclays and UBS warned this week about the risks of increased losses on the loans. Publicly traded software firms have lost roughly one-fifth of their value this year.