AI remains the single most important investment theme shaping global markets in 2026. But the conversation has shifted. The question is no longer whether AI will change the economy, it already has, but whether the scale of spending now embedded in global growth forecasts can be justified by earnings and productivity outcomes.
The stakes are high. According to the International Monetary Fund, a meaningful share of global growth over the next two years is now tied directly to AI-related capital expenditure. That dependence has created a narrow margin for disappointment.
A Capex Boom with. . .
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