Big Tech debt surge, AI arms race, and markets on edge 2/18/26

Markets weigh mounting risks as hyperscalers ramp up borrowing to fund massive AI infrastructure, raising concerns about leverage, credit stress, and long-term returns. Plus, Apple’s device dominance reshapes the AI race, shifting competition from model quality to distribution and user scale. And later, strategists argue Big Tech valuations may now look attractive, while resilient US consumers and looming tax refunds could drive the next phase of market performance. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.