Weekly Market Monitor

AI-related debt issuance is rising as hyperscalers fund massive infrastructure buildouts, prompting comparisons to the Dot-Com era and concerns about a potential bubble. While AI-linked borrowing now represents roughly one-third of USD net issuance in 2025, the pace of growth remains far below the explosive expansion seen in TMT debt around 2000. So far, balance sheets look resilient and leverage appears contained, which supports the view that current dynamics are more measured than speculative.

Advisors and investors should still monitor how quickly debt levels climb relative to cash flows and earnings. The full report also reviews recent equity sector, size and style performance, global index moves, shifts in rates and credit spreads, and an updated snapshot of global equity valuations to help frame positioning across asset classes.