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Clear all filters- The Economist8 min
Has the AI boom entered a manic new phase? | The Economist
Henry Curr, Mike Bird, Josh Roberts
US equity markets have reached near-record capitalization levels driven primarily by massive AI-focused "giga IPOs" like SpaceX and anticipated offerings from Anthropic and OpenAI. This concentration, now comprising nearly 40% of the S&P 500, coincides with unusual retail participation and inverted options pricing that signal a shift toward speculative mania. Simultaneously, major technology firms have redirected capital expenditure toward infrastructure, causing a collapse in free cash flow and transforming the sector into a dominant force in global corporate debt markets.
- The Economist8 min
The Iran war will cause inflation to surge | The Economist
The escalation of conflict in Iran has triggered a surge in oil prices that threatens to transmit inflationary pressure globally through energy costs and critical fertilizer shortages at the Strait of Hormuz. Central bankers face a complex dilemma balancing the risk of a historical wage-price spiral against the potential for economic stagnation, while navigating political pressure to lower rates despite IMF forecasts predicting a two percentage point inflation jump. This crisis compels immediate policy intervention to prevent a permanent structural shift in inflation expectations, mirroring the cautionary precedents of the 1970s and recent cumulative global shocks.