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The AI infrastructure buildout remains unprecedented. Hyperscale’s such as Amazon, Microsoft, Alphabet, Meta, and Oracle are expected to invest more than $700 billion in 2026 and over $1 trillion in 2027. OpenAI, Anthropic, and SpaceX could add another $150 billion in 2026 and $190 billion in 2027. Initially funded by cash flows from their core businesses, these investments are increasingly being financed through debt and equity markets.

There are some pretty basic societal red flags here. Without dragging you through a stack of charts, the American Institute for Boys and Men has tied the rise of online sports betting to higher bankruptcies, more accounts in collections, lower credit scores, rising auto delinquencies, and generally worse household balance sheets. Not exactly a glowing endorsement.

I met with the team that distributes one of the fixed income mutual funds that we use in client portfolios. We were discussing their exposure to the riskier parts of the credit markets which had increased notably. I mentioned that I was perfectly comfortable with the positioning because this is the riskiest allocation within my fixed income sleeve. They were surprised. For most of their clients, this same fund is considered one of the least risky holdings.

I met with the team that distributes one of the fixed income mutual funds that we use in client portfolios. We were discussing their exposure to the riskier parts of the credit markets which had increased notably. I mentioned that I was perfectly comfortable with the positioning because this is the riskiest allocation within my fixed income sleeve. They were surprised. For most of their clients, this same fund is considered one of the least risky holdings.

We are pleased to announce that 15 of our advisor teams have been recognized as 2026 5-Star Wealth Management Teams by InvestmentNews.