Global Macro Monthly

Global markets are focused on an AI capex boom led by US hyperscalers, which is reshaping industrial strategy from Taiwan to Europe. However, concerns remain regarding revenue sustainability and inflationary pressures from energy shocks.

Key Takeaways

• 1.AI capital expenditure is driving global investor sentiment and industrial strategy, led by US hyperscalers.
• 2.The durability of the AI boom is at risk due to revenue circularity, where hyperscaler spending funds the ecosystem's own growth.
• 3.Regional dispersion is shaped by energy import exposure and central bank reactions to ongoing supply-side shocks.

Table of Contents

• Cap-ex machina
• United States
• Euro Area
• China
• Global LIs
• Economic forecasts and central bank watch

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