In this new episode, Vincent Chailley, Chief Investment Officer of H2O AM Group & Monaco S.A.M., revisits the speculative bubble many feared around AI and the hyperscalers. A year after our first observations, markets have dodged that trap: credit markets got skeptical, supplier-stock excess corrected, and the Fed reintroduced healthy uncertainty. But the risk hasn't disappeared - it has simply moved. To fund the AI race, tech giants are now borrowing at scale, pushing up interest rates and making the entire US economy - government, households, and now hyperscalers too - hostage to the cost of capital.
Artificial intelligence: when one risk hides another... (Photo: H2O Asset Management)
Think Macro: a podcast by H2O Asset Management where we go beyond the headlines to explore the forces shaping the global economy. Each episode offers a deep dive into macroeconomic trends, long-term shifts, and the strategic dynamics driving markets.