Key Takeaways

Chinese electric vehicle (EV) makers are pressuring the margins and credit ratings of established automakers through lower costs and faster product development. However, protected markets and strong domestic franchises still offer pockets of resilience.
AI infrastructure funding could reshape investment-grade (IG) credit markets. Hyperscalers are generally strong cash generators, but rising supply, uncertain returns and complex data centre financing structures call for careful analysis.
Fundamental research and supply dynamics matter more than ever. ...