JPMorgan Asset Management portfolio manager Stephanie Doyle said excessive
AI-related capital spending and weaker retail demand could threaten the rally in
high-grade corporate bonds. Doyle said tech firms have already raised more than
$300 billion in debt for AI investments, though issuance has remained orderly.
She said a similar acceleration in 2027 AI capex versus 2025-2026 “is probably a
little bit of a red flag.” Doyle also warned rising Treasury yields could deter
retail investors, a key source of demand supporting investment-grade credit
spreads.
