Newsroom

In 2026, the five hyperscalers (Microsoft, Amazon, Alphabet, Meta and Oracle) will spend around USD 820 billion in capex, compared with USD 750 billion in operating cash flows. This means that their investments are exceeding available cash flows and that this funding gap has to be financed through debt.

The Fed raised its interest rates by 25 basis points (bps) to 3.75–4.00% on a unanimous vote, framing the move as insurance against energy prices bleeding into core inflation, while the Bank of England held its rates at 3.75% despite a more hawkish tilt in its minutes.

The AI boom has pushed the world’s five hyperscalers (Microsoft, Amazon, Alphabet, Meta and Oracle) into a new era of financing. In 2026, their capital spending is expected to exceed operating cash flow, with investment projected to reach USD 5.6 trillion by 2030, raising fundamental questions about how this unprecedented expansion will be funded.

As promised, lead ballet dancer Steven McRae came back to Lausanne with a star-studded cast of dancers and musicians a year after the first Ballet Sauvage, a unique and breath-taking open-air performance by the lake. UBP was a sponsor and hosted a selection of clients and prospects.

Oil’s surge past USD 100 a barrel amid the escalating conflict in the Middle East drove a broad sell-off in government bonds and equities last week, as inflation fears pushed yields sharply higher across the US, eurozone and UK.

US President Trump’s approval rating is among the lowest for a sitting president in post-World War II US history and leaves an 80% probability that the US House of Representatives will shift to Democratic control, with US Senate facing a 50:50 chance of switching to Democratic control.