Barclays Brief

After a spring sell-off and renewed summer weakness in technology stocks, uncertainty has remained a defining feature of the investment landscape. During the market sell-off following the start of the US-Iran conflict, Venu Krishna, Head of U.S. Equity and Equity Linked Strategy, challenged the subdued market narrative with his end-of-year expectations for the S&P 500.
Several months on, with volatility still elevated and fresh questions emerging around rates, AI investment and the broader macro backdrop, he joined the Barclays Brief to speak with Ronnie Wexler, Global Head of Equities Distribution, to explain why he remains constructive on US equities.
In this discussion, Krishna explains how his team’s thinking has evolved since that spring call and the factors shaping their view today. Together, they explore the strength of the earnings backdrop, the risks that could challenge market momentum and why recent weakness in parts of the technology sector may not tell the full story.
The conversation also examines Krishna’s recent research into disruption winners and losers. Drawing on previous periods of technological change, he explains the characteristics that have historically separated companies that adapted from those that struggled. As AI continues to reshape industries and business models, the research offers an historical lens through which investors can view one of today’s most significant market themes.
Clients can read more on Barclays Live:
Disruption '26: A Framework for Differentiating Disruption Winners & Losers
Food for Thought: Buyback pullback
Listeners can also hear more episodes on this topic:
Ep42 AI credit supply tests market capacity
Ep 41 Challenging Market Consensus
Ep 33 AI goes economy-wide

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The AI buildout is fuelling a wave of new credit supply, and the sheer volume of debt is starting to test the market's capacity to absorb it. Year-to-date, the AI ecosystem has accounted for roughly 20% of all US corporate bond issuance, and the six hyperscalers are now bigger than the big six banks in some key measures. ​
In this episode of Barclays Brief, Ronnie Wexler, Global Head of Equities Distribution, and Dominique Toublan, Head of US Credit Strategy, discuss how AI financing is reshaping credit markets, why investors are demanding greater compensation to absorb this wave of new issuance, and what growing concentration among hyperscalers could mean for the broader investment-grade market.​
​They also discuss how these companies are tapping every available funding channel, from public bonds and private credit to securitised markets and equities, to finance the AI buildout and why that is drawing increasing attention from equity investors.​
​Listeners can hear more related to this topic:​​
Episode 40: Cooling the AI buildout ​
Episode 33: AI goes economy wide​

​Clients can read more on Barclays Live:​​
AI-fueled Credit Supply: the slice keeps getting bigger ​
Hyperscalers: Too wide to ignore, too much supply to chase​
Powering AI: Demystifying Data Center Cooling & Water Use ​

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This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.​

Markets can become crowded around consensus views. In this episode of the Barclays Brief, Patrick Coffey is joined by Brian Kuritzky from our Rates Sales team to explore potential investor complacency, from expectations for the Fed to the way political risk is being priced.​
The conversation focuses on three ideas Kuritzky believes deserve more attention: the risks around energy and inflation expectations, the great wealth transfer and its potential impact on US economic resilience, and the headwinds facing the AI CapEx cycle including the domestic political pushback against data centre expansion.​
They also discuss why a more resilient US consumer could make it harder for the Fed to cut interest rates, why dips in rates may create investment opportunities, and why market volatility may not be fully reflecting the uncertainty around policy, election and cross-asset risks.​
Clients can read more on Barclays Live:​
AI adoption and productivity: Early evidence​

Listeners can also hear more episodes on this topic:​
Episode 39: Opportunities in Asian Equities​
Episode 35: US equities: short-term pain, long-term gain?​

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Power constraints have dominated the conversation around AI infrastructure, but the buildout is facing a broader convergence of execution risks. Cooling, water use, permitting, labour shortages and growing local opposition are emerging as critical factors that could affect where and how quickly new data centres are built.​
In this episode of Barclays Brief, Ronnie Wexler, Global Head of Equities Distribution, speaks with Will Thompson, Thematic Investing Research Analyst, about the challenges shaping the next phase of AI infrastructure. They explore why cooling is becoming increasingly important, how water use is emerging as a key consideration in data centre operations, and what these pressures could mean for deployment timelines and market expectations.​
They also discuss how hyperscalers are taking different approaches to cooling and water use, highlighting the complexity of balancing efficiency, sustainability and local impacts. Together, these pressures point to execution risks that may not yet be fully reflected in markets.​

Listeners can hear more related to this topic:​​​
​AI goes economy wide​
Physical AI: Wealth creation or economic displacement?​

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Clients can read more on Barclays Live:​​
Powering AI: Demystifying Data Center Cooling & Water Use ​
Powering AI: New Amazon Data Center Water Disclosure Implies High Electricity Use ​

Important Content Disclosures​
​Important Non-Research Content Disclosures​
​
This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.​
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Investor positioning across Asian equities is shifting, with opportunities increasingly driven by market-specific factors rather than a single regional or thematic narrative.
In this episode of Barclays Brief, Patrick Coffey is joined by Kaan Singh, Head of APAC Barclays Equities Tactical Strategies and Flow Equity Derivatives, to dive in to where investors are putting money to work in Asia and why.
They discuss the rotation toward Japan, as investors look beyond the most crowded AI and semiconductor trades and search for more durable structural themes. Alongside this, the conversation explores early signs of re-engagement in China, supported by improving market sentiment and upcoming tech IPOs, and Korea’s highly concentrated semiconductor and high-bandwidth memory (HBM) market.
Looking ahead, they consider how market expectations around AI investment are evolving and offer a clearer lens on how opportunities across Asian equities could develop.
Clients can read more on Barclays Live:
Cross Asset Research, Korea: Large investment plan from the semiconductor manufacturers
Samsung & SK Hynix: Pricing Tailwinds Intact
Thinking Macro: The best AI value might be hiding in Tokyo
China Technology: The Forest Report – 1Q26 Edition
Asia Credit Alpha: AI central in Korea/China

Listeners can also explore the topic further:
Q3 2026 Global Outlook: Solid fundamentals, fewer bargains

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