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 becoming increasingly important drivers of return. Explore six key considerations.
Higher interest rates have contributed to a wholesale reset of valuations across the real estate market.
Learn about our firm, our purpose and values, our people and where we are around the world.
June 23, 2026
Partner, Chief Economist
Here are the top three macro questions for investment committees today:
1) Middle East: What are the implications if some tanks reach critical levels somewhere in the world, including distillate fuels in the US? See the first chart.
2) AI: What happens if companies start limiting their token budgets meaningfully because they are only seeing weak ROI, and as a result, compute demand either slows down or shifts to Chinese models? See the second chart.
3) Inflation outlook: With inflation trending higher, what are the implications for equity and credit markets if the Fed hikes in September and December, as currently priced in fed funds futures? See the third chart.
Join me today at 2:00 PM ET for our 2026 Mid-Year Outlook — a discussion covering current economic headwinds and tailwinds, what's influencing inflation and interest rates, the growing role of AI and the broader implications for markets and the global economy. Register now: 2026 Mid-Year Outlook - Apollo Academy
Note: Distillate fuels are diesel, heating oil, and jet fuel, and they are the "workhorse" fuels and matter more for the economy than gasoline because they power supply chains, food production, airlines, and construction and manufacturing. Sources: Bloomberg, Macrobond, Apollo Chief Economist
Note: The figure is a company's total AI spend divided by headcount, expressed per employee. Ramp's index breaks business spend into subscriptions vs. coding agents vs. tokens and APIs. Tokens are just one of three components. The $7,449 covers subscriptions, API access, usage costs, and more, captured from corporate-card and invoice-based payments. Sources: Ramp AI Index, Apollo Chief Economist
Sources: Bloomberg, BEA, Apollo Chief Economist
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.
