JPMorgan Portfolio Manager Sees AI, Retail Risks for High-Grade Debt Rally

JPMorgan Asset Management’s bullish view on the high-grade corporate bond rally faces two potential stumbling blocks: an even bigger surge in technology spending and waning retail demand.

A borrowing spree for the artificial intelligence buildout expected to cost $5 trillion by the end of 2030 has so far been orderly. But Stephanie Doyle, who works on the $4.3 trillion asset manager’s global fixed income, currency and commodities team, is watching for 2027 capital spending plans from technology companies to gauge excess.