With the US 10-year yield above 5% and term premiums rising, higher discount rates are putting more pressure on equity valuations. So why have markets held up?
Our Partner, Polka Mishra, joined CNBC to discuss what is supporting equities, where risks are building, and what the latest concerns around AI could mean for investors.
🔹 Earnings are still supporting equities. Earnings growth and revisions have remained strong across sectors and economies. The bigger risk comes if that growth starts to weaken while rates remain high
🔹 The bond market remains the bigger concern. Higher rates and elevated oil prices have increased the risks
🔹 The funding behind AI needs a closer look. With capital increasingly moving between the same companies across the AI ecosystem, the question is how much of that investment reflects genuine end-demand and how much is effectively being recycled within the sector
AI remains a long-term strategic theme, but one that is likely to remain volatile as companies continue to invest and compete.
📺 Watch the full discussion here: https://www.cnbc.com/video/2026/09/16/investor-aias-key-test-is-productivity-gains-versus-circular-funding-risk.html
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