Jefferies warns US AI capital expenditure may peak in 2026 amid doubts over returns and rising scrutiny.
Companies increasingly fund AI projects with debt and private credit, linking AI spending to private‑credit market excesses.
Recent sell‑off in US software stocks over AI disruption fears hurts private‑equity and private‑credit sectors.
Morgan Stanley notes Asian power prices up 10‑100% since Feb 2026, coal output rising and batteries 20‑25% more competitive vs LNG.