Echoes of the Seventies

- 13 February 2026

- AI investment fatigue has intensified as markets question the timing of on the massive infrastructure spend. The “Mag 7” faces increased scrutiny over combined capital expenditure plans exceeding billion, forcing a valuation reassessment in the highest-multiple tech names. Meanwhile, AI displacement worries have swept through multiple market pockets.
- Fed cut expectations have emerged as a primary fault line. David Einhorn argues markets are “wrong” to view strong jobs data as a reason not to cut, betting on substantially more than two cuts this year as incoming Chair Kevin Warsh potentially uses “productivity” as an argument to ease policy.
- Sovereign debt risks are triggering a strategic rotation. Beijing’s signal to mainland banks to pare down US Treasury holdings reflects a global wariness of US fiscal discipline as national debt breaches $38 trillion. The technical setup for the 30-year yield remains ...