A resilient labor market. Cooling inflation. At first glance, the macro backdrop looks balanced.

Yet while economic data suggests stability, the world’s largest technology companies are committing capital on an unprecedented scale, century bonds, record capex and an infrastructure race that is already tightening global energy and memory supply.

The conversation is no longer just about growth.
It is about the cost of sustaining it and who can finance it with discipline.

In this week’s report, we explore how a steadier macro environment combined with aggressive AI investment is reshaping risk perception, sector dynamics and long-term expectations.