On September 1, Apollo Global Management LLC fell 3.65% in regular trading, trading at $131.61/share, with turnover of $95.2374 million. The decline was triggered by news that Apollo-backed broadband provider Brightspeed warned investors of significant doubt over its ability to continue as a going concern.

Brightspeed reported Q2 revenue of $386 million, down 8.7% year-over-year, and disclosed it is exploring asset-backed securitization among other financing options to shore up its balance sheet. The going-concern warning signals potential credit risk exposure for Apollo, which has backed the broadband operator. Meanwhile, Apollo has been active in capital deployment, including a $9 billion investment agreement with ONEOK for the acquisition of Brazos Midstream Permian Basin assets, and a $4.1 billion sale of its cooling systems company Kelvion to SLB. Additionally, Apollo continues to participate in large-scale financing initiatives, including a partnership with NVIDIA and other major asset managers to mobilize over $500 billion in AI infrastructure capital. The firm still expects fee-related earnings growth of over 20% for the current fiscal year, and Jefferies recently raised its price target on the stock to $138 from $135 while maintaining a Hold rating.

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