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The US 4-month Treasury auction on August 19th yielded a winning bid of 3.75%, compared to 3.76% previously.
2026-08-19
The US 4-month Treasury auction on August 19th yielded a winning bid of 3.75%, compared to 3.76% previously.
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2026-08-19
Japan's Nikkei 225 index fell more than 3%.
Japan's Nikkei 225 index fell more than 3%.
2026-08-19
Goldman Sachs Delta-One desk head Rich Privorotsky warned global capital is being heavily absorbed by government financing and AI infrastructure investment. He expects annual AI capex could exceed $1 trillion and become increasingly debt-financed. Wi
Goldman Sachs Delta-One desk head Rich Privorotsky warned global capital is being heavily absorbed by government financing and AI infrastructure investment. He expects annual AI capex could exceed $1 trillion and become increasingly debt-financed. With major economies still running large fiscal deficits, public spending and AI are drawing on the same capital pool, a squeeze already transmitting to the non-AI economy. Governments typically lack incentives to cut spending, so higher real rates may force more adjustment onto the private sector. Privorotsky cites large-cap re-rating as evidence—stock price action has labeled what EPS revisions alone would explain. On demand, he says fiscal stimulus was largely front-loaded, tariff-driven inventory rebuilds are mostly complete and some demand was pulled forward. As more funds flow to data centers and AI infrastructure, financing, investment and valuations in non-AI sectors could remain under pressure and market dispersion widen.
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