The AI infrastructure buildout is generating one of the most significant macro impulses in a generation. Bridgewater estimates the AI capex cycle will add more than 100 basis points to US growth in 2026 and 2027. But the picture is more complex than the headline numbers suggest. The AI capex boom is unlikely to support labour markets, and a material part of the GDP estimate comes from a narrow set of companies whose profits are unlikely to be recycled back into the economy. Set against the backdrop of modern mercantilism and shifting global trade relationships, this session will examine the implications for inflation, rates, and the broader economic outlook for investors.
