UBS' Laud Sees Underpriced Risk in AI's 'Web of Debt'

Sonja Laud, co-head of investments and real assets at UBS Asset Management, says the AI investment boom has shifted from an equity story to a balance-sheet story driven by debt, creating an interconnected web of risk that markets are dangerously underestimating. "To me, it is the web of debt across public-private debt and equity, which I think we need to be very mindful that we might not quite see the returns on these investments that we anticipated," Laud said in an interview on Bloomberg Television.