AI capital expenditure is projected to reach 9% of GDP, with hyperscaler capex hitting $800B in 2026 and growing to $1.4T by 2028, driving half of S&P 500 earnings growth. Market gains are concentrated in AI stocks, creating a K-shaped market where equal-weighted indices lag while cap-weighted indices benefit from AI concentration.
A debate on social media discusses whether central banks can end quantitative easing amid rising global debt and interest rates. While some attribute yield increases to AI-driven hyperscaler capital expenditure ($800B in 2026), critics argue the real driver is governments borrowing heavily as central banks retreat from bond markets, creating a global term-premium shock affecting Japan, Britain, Germany, France, Canada, and Australia.