The Universal Owner — 2 October 2026 — Thirty-year paper, five-year chips

The Bank for International Settlements has measured circular financing in AI for the first time: between 2021 and 2025, 55.2% of the investment value flowing into AI firms came from other AI firms, concentrated in the largest deals. The Reserve Bank of Australia named the vehicles, put hyperscalers' obligations at an estimated US$1 to 1.5 trillion, and flagged 20-30 year debt financing hardware with uncertain economic lives. Plus: the long end of the Treasury curve, the UK's converging pension systems, NBIM's stewardship reorganisation, Nuveen-Schroders, and ten senior seats open with dated deadlines. The full edition, with every source: https://www.universalassetowners.com/intelligence/uao-daily-brief-2026-10-02/