The technological mirage and AI debt
American technological capitalism is going through a stock market bubble phase fueled by investments in the trillions of dollars in artificial intelligence. If OpenAI and Google dominate, these giants are now taking on massive debt to support their growth, creating an ultra-connected ecosystem. where Microsoft, Nvidia and Amazon are interdependent. A financial shock to one of these players would cause an immediate shock wave on global asset managers, particularly in Europe.
Public debts: the new front of fragility
The sovereign debt situation worries the European Central Bank (ECB). Issues of public securities are increasingly subscribed to by non-bank players (speculative funds, insurers) who are very dependent on long-term debt. short term. In the United States, President Trump's fiscal policy and tensions around the independence of the Fed cast doubt on the stability of the economy. American bonds, the central engine of global finance.
The risky bet of global deregulation
Face to face Given these dangers, the authorities' response is surprising in its lack of firmness. In the United States, the Trump administration reduced supervisory staff by 30% and reduced the number of supervisory staff. the "stress tests" banking. Europe and the United Kingdom are following this trend, with the ECB initiating a reduction in capital constraints. This lowering of guard, coupled with the opening of traditional banks to the market volatility of cryptoassets ($4,000 billion), reduces the sector's resilience in the event of a systemic shock.
