A Korean financial analyst discusses September 2026 market dynamics driven by AI capital expenditure expansion and Middle Eastern energy supply shocks, which are simultaneously pushing up long-term US interest rates and inflation expectations despite stable equity prices. The analysis emphasizes that AI fundamentals remain strong but valuation pressures are intensifying as capital costs rise, making the correlation between oil prices and 10-year Treasury yields the critical market indicator going forward.
Oil prices surged past $100/barrel, reshaping global monetary policy as central banks face inflation pressure, while AI capital expenditure remains robust despite market volatility. OpenAI expanded semiconductor collaboration with Samsung Electronics beyond supply relationships into joint R&D, signaling deeper ties between AI firms and Korean chip makers.