Bloomberg Surveillance · Wednesday, July 15, 2026
The market is grappling with the changing nature of risk, shifting focus to AI winners and losers, with AI capital expenditures potentially impacting other sectors. While demand for chips continues to outstrip supply, the sustainability of AI-driven growth and the revaluation of multiples are leading to increased market volatility.
“It's who are AI winners and losers right now? And you're funding your AI capex by not spending on mainframes.”
“And I think as the market looks at that, they're asking, well, is this something that's going to continue for an extended period of time because you can't really start to ask if AI capex is going to peak until the hyperscalers stop raising capital to increase even more on the capex site.”
“So when you look at things like the chip trade, I think they have room to go because the demand continues to outstrip.”