There are moments in financial history when euphoria and prudence share the table without speaking to each other. This is one of them. The major stock indices are chaining all-time highs driven by the artificial intelligence (AI) revolution with an intensity not seen since the technological bubble of the late 1990s. At the same time, states that should act as anchors in the event of a storm are navigating levels of sovereign debt unprecedented in peacetime. The combination of both phenomena makes up a cocktail whose potency should be examined without alarmism, but also without complacency. Continue reading
