Global Research Unlocked

In this episode of Must Read Research on Global Research Unlocked, Candace Browning looks at how politics and the AI investment cycle are reshaping the financial conversation. We explore why Washington gridlock has historically been a favorable backdrop for stocks, why strong earnings breadth hasn’t been enough to satisfy investors in Alphabet and Meta, and how the AI funding boom is spilling into credit markets, including Oracle. We also examine the growing ties between Tesla and SpaceX, and what a potential combination could mean for AI infrastructure, manufacturing and shareholders.

 

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

Ralf Preusser, Mark Cabana, Sphia Salim and Agne Stengeryte discuss the outlook for global rate markets following the policy decisions by the Fed, ECB, BOC, RBNZ and BoJ and ahead of the decisions by the RBA and BoE. We will also share our thoughts on the UK budget and the US refunding announcement as well as upcoming data releases.

 

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

AI Semis: Spending strong, investor concerns build

AI capex has seen upward revisions for years, and estimates for many semiconductor stocks have followed. Positioning in the semiconductor index may have gotten excessive around the June highs, but there have also been less positive developments since, from cancelled IPOs to widening credit spreads for neocloud companies. Combined with continued concerns around open models and AI pricing, these developments have fueled investor fears about the pace of AI spending growth. Vivek Arya joins the podcast to discuss his latest views on semiconductors, what the group needs to resume its upward trend, the sustainability of memory pricing, and how developments in AI models and efficiency could impact chip demand. He also looks to past semiconductor cycles for clues on how much longer this upcycle may last.

 

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

Sphia Salim and our Global Economists discussed the upcoming central bank meetings across the Fed, BoC, ECB and BoJ, including how policymakers were navigating uncertainty on the energy front and emerging pressures on risk assets. The discussion also previewed the UK Budget and explored how the ECB was thinking about French spreads. The call took place on Friday, 22 October at 9:00 a.m. EST / 2:00 p.m. BST / 3:00 p.m. CEST.

 

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

In this episode of Must Read Research on Global Research Unlocked, Candace Browning examines the rising price tag behind some of today’s biggest market themes. America’s annual interest bill has doubled to more than $1.2 trillion, while our Bubble Risk Indicator suggests the rotation from Technology into defensive stocks has reached historically extreme levels. We also explore why high gas prices are making coal economically competitive again in Europe, and how a $2.1 trillion data-center buildout is changing everything from power systems and cooling to construction and M&A.

 

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.