Quarterly Investment Review for Insurers: Q2-2026

The AI build-out is now a bond story. The five largest technology companies spent over $400 billion on data centers and equipment last year, and their own plans point to $700 billion or more this year — increasingly funded with new debt, a supply factor for the bond market to watch.

Inflation is running above target at the same time. That pairing — steady growth with sticky prices — is what a “soft landing” did not assume.