Explore our investment strategies, solutions, and products designed to support diverse financial goals.
Tools and training for advisors, offering portfolio guidance, and on-demand educational resources.
Discover Apollo’s latest perspectives, case studies, research and analysis shaping conversations about private markets.
Private equity is entering a new phase where operational value creation, scale, and disciplined underwriting are key drivers of return.
Apollo Chief Economist Torsten Slok outlines the key macro dynamics shaping the landscape, from the AI boom to the industrial renaissance and policy.
Learn about our firm, our purpose and values, our people and where we are around the world.
August 18, 2026
Partner, Chief Economist
A portfolio can appear diversified across sectors and asset classes and still be exposed to the same underlying factor: AI. Hyperscalers represented just 2.7% of the US investment grade index in July 2025. Today they represent 4.8%, and we estimate that share could approach 10% by 2030 as borrowing to fund the AI buildout accelerates (see chart below).
Historically, sectors such as technology, utilities and real estate were driven by different fundamentals, while IG, high yield and equities often behaved differently during periods of stress. Today, AI is increasingly linking those exposures.
That makes true diversification more valuable and requires investors to be more intentional about finding it. We believe European private credit, sports-related financing and hybrid credit are areas whose returns are driven by different economic forces and can help diversify portfolios away from a growing common AI factor.
Read more in our 2026 Midyear Credit Outlook.
Note: Data as of July 2026. Sources: Bloomberg, Apollo Analysis
Tell us your role for a more relevant Apollo.com experience.
This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).
Apollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice. Apollo does not have any responsibility to update this presentation to account for such changes. There can be no assurance that any trends discussed during this presentation will continue.
Statements made throughout this presentation are not intended to provide, and should not be relied upon for, accounting, legal or tax advice and do not constitute an investment recommendation or investment advice. Investors should make an independent investigation of the information discussed during this presentation, including consulting their tax, legal, accounting or other advisors about such information. Apollo does not act for you and is not responsible for providing you with the protections afforded to its clients. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service, including interest in any investment product or fund or account managed or advised by Apollo.
Certain statements made throughout this presentation may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such statements. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.
Social
Explore Apollo
More Information
© Apollo Global Management, Inc. 2025 All Rights Reserved.
