This week’s signals suggest the key risk is no longer whether AI changes the world. The key risk is whether the system can finance and sustain the scale of transformation now being priced.

Markets continue to behave as though Artificial Intelligence can overpower the macro cycle. Equity indices remain near highs. Semiconductor stocks continue to rally. Hyperscaler earnings remain extraordinarily strong. Volatility remains relatively subdued despite oil prices above US$100, rising geopolitical instability, and long-duration bond yields reaching levels not seen in years. On ...