Troy Asset Management’s October 2026 Investor Letter

Troy Asset Management, an investment management firm, released its October 2026 investor letter. The firm, covering its Multi-Asset Strategy, examined the growing tension between the AI-driven equity rally and rising bond yields amid persistent inflation and geopolitical uncertainty. The firm noted that the AI investment boom was increasingly becoming a financing challenge, with capital expenditure by the six largest U.S. hyperscalers expected to exceed their operating cash flows in both...