In this 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 warnings, 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.
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