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Mike Bird, reporter at The Wall Street Journal, views the increase in spreads for high yield and project finance issuance tied to AI buildout as a positive sign.
He suggests that the market is absorbing inherent uncertainty more coherently, indicating that stable or falling spreads would be more concerning in the current environment.
Bird has previously noted that central bank accumulation was a major driver of the gold price surge from 2024, while also highlighting that their reserve actions remain unpredictable. In a separate report, he observed that coverage of TSMC has declined as AI bottleneck stories have gained prominence. Both developments reflect shifts in investor focus across asset classes.