Bloomberg Surveillance · Thursday, August 13, 2026
Robert Kaplan expressed optimism about corporate earnings, driven by AI adoption leading to improved margins and productivity. However, he voiced concerns about persistent government deficits and their impact on the long end of the treasury curve, suggesting this is a structural dynamic rather than solely a Fed-driven issue. Kaplan believes the S&P 500's earning story remains strong for the future.
“There is a great earn as you've been reporting, and we're seeing it. There is a great earning story that's unfolding. And the economy, yes, is being stimulated by AI infrastructure. But broadly, every company I talk with has got twelve to fifteen use cases on AI adoption and is optimistic that they're going to find ways to improve margins, improve their business, improve productivity. And so I think the SMP broad earning story is alive and well for not just this year, but into the future.”
“I'm a little more nervous about whether we can get these deficits under control and what's going to happen to the long end of the government bondker.”