The IMF Declined to Call the AI Trade Over

Kozack said it is too early to judge a reassessment, restating October’s warning that hyperscalers now take 10% of investment-grade issuance.

At a Washington briefing on 12 November 2026, IMF spokesperson Julie Kozack said the fund is monitoring volatility in AI equity valuations and a US political shift that could slow data centre construction, but that it is too early to say whether investors are reassessing the sector long term. She restated the October Global Financial Stability Report’s warning: hyperscalers went from under 1% of global investment-grade bond issuance in 2024 to about 10%, and a downside scenario cuts global GDP 1.1% and US GDP 1.8% by 2028. The commercial read is nuance, not alarm — the leverage risk is real, but the IMF explicitly declined to confirm that the repricing has begun.