新闻中心/瑞联卓见

人工智能热潮已将全球五大超大规模云服务商（微软、亚马逊、Alphabet、Meta和甲骨文）推入了一个新的融资时代。 预计到2026年，这些企业的资本支出将超过经营现金流，到2030年投资总额预计将达到5.6万亿美元，这引发了一个根本性问题：这场史无前例的扩张将如何获得资金支持。

正如承诺的那样，首席芭蕾舞演员史蒂文·麦克雷在首届“野性芭蕾”（Ballet Sauvage）——一场在湖畔举行的独特而令人叹为观止的露天演出——举办一年后，携一支星光熠熠的舞者与音乐家阵容重返洛桑。UBP作为赞助方，邀请了部分现有客户和潜在客户出席活动。

随着中东冲突不断升级，油价飙升至每桶100美元以上，导致上周政府债券和股票市场普遍出现抛售，通胀担忧推动美国、欧元区和英国的收益率大幅攀升。

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.

Our outlook for risk assets remains constructive, supported by broadening earnings growth, though tempered by persistent inflation and an oil market showing little sign of easing. Against this backdrop, we are raising our target range for US 10-year yields to 4.25–4.75%, with rising yields and oil prices standing out as the principal risks to our central scenario.