August 13, 2026

Spider-Man and The Odyssey have lifted weekly box office grosses to a record high, see chart below.

August 12, 2026

Consensus earnings expectations still imply remarkably little disruption from AI. Of more than 200 publicly traded software and white-collar services companies we track, only 10 are currently expected to experience both revenue and EBITDA declines over the next two years. That suggests markets may be pricing in the possibility of AI disruption without yet fully incorporating its potential impact on earnings and margins. We think about that AI pressure through three channels: direct replacement, where AI performs the same task at a lower cost; labor displacement, where AI reduces the number of employees, contractors or users supporting a business model; and execution risk, where AI-native competitors innovate faster and take market share. As adoption accelerates, these are the channels we are watching for signs that AI disruption is beginning to show up in fundamentals. Read more in our 2026 Midyear Credit Outlook.

August 11, 2026

Europe and the US face the same AI displacement. Only the US gets what offsets it: the startup formation, the capex and the hiring that comes from building the technology rather than only absorbing it. The widening unemployment gap between France and the US is starting to look like the price of being on the wrong side of that asymmetry.