A Trillion In Hidden AI Commitments, And Nobody Wants Protection
Risk On, With A Catch
Risk appetite is back, but the signals beneath the surface remain mixed. Tech inflows are surging and equity fear has been crushed, even as the AI capex bill keeps growing, free cash flow expectations fall and credit demands a larger premium. Meanwhile, gold continues to squeeze higher as volatility falls. Plenty of risk-on, but not quite an all-clear.