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Capital markets

Research and analysis on Capital markets.

Latest

Report

What the 2026 AI listings reveal about debt

– Sixteen AI companies listed or filed in the US, Hong Kong and mainland China in 2026 as China's AI shares fell 43%. We read their filings for debt, cash, commitments and the ability to pay.

Report

Who is lending to AI, and can the borrowers repay?

– Borrowing for AI has more than doubled in 2026, and lenders are now hedging. This report traces who lends, how much, how able the borrowers are to repay, and what 2000 and 2007 can teach.