Debunking the ‘Tina’ doctrine: Nomura warns AI-driven rally masks US vulnerabilities

SCMP TechSeptember 4, 2026en

The artificial intelligence boom has signalled growing risks in the US economy and capital markets, with a setback in the technology rally potentially triggering a sharp correction in US assets and weakening the dollar, according to a Nomura report. “The AI boom has masked a rising US risk premium,” Nomura analysts led by Rob Subbaraman said in a report on Thursday, warning that the concentration of global savings in US dollar assets had left investors increasingly exposed to a reversal in the...

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