About this episode

Brian Carney discusses the risks associated with the AI debt bubble and the implications for investors and the economy.

The AI boom is being financed with debt—and the numbers are staggering. The world's biggest tech companies are spending hundreds of billions of dollars to build the infrastructure behind artificial intelligence. But while investors focus on the stocks, Brian Carney, Portfolio Manager at Mawer Investment Management, is watching the credit markets—and he sees risks most investors are ignoring. On this episode, Brian, who manages the Mawer Global Credit Opportunities Fund explains why Alphabet, Amazon, Meta, Oracle and others are becoming some of the largest borrowers in the world, why credit markets may be underpricing risk, and why he believes we're getting closer to a "reckoning" after years of easy money and aggressive lending. He also shares why he's skeptical of parts of the private credit market, what surprised him about SpaceX's investment-grade rating, and why the next big opportunity could emerge when investors least expect it. Brian also makes the case that investors are too complacent about America's fiscal situation. With deficits running at historically elevated levels and government debt continuing to climb, he argues the bigger risk may not be a U.S. default—but a…

People in this episode

Host: Amber Kanwar

Guest: Brian Carney

Topics covered

• AI boom
• debt financing
• credit markets
• investment risks
• fiscal situation
• bond ideas

Keywords

• AI debt bubble
• credit markets
• investment risks
• fiscal situation
• bond ideas
• tech companies
• borrowing costs

Mentioned in this episode

Organizations: Mawer Investment Management, Alphabet, Amazon, Meta, Oracle, SpaceX

More episodes of In the Money with Amber Kanwar

• The Hidden Stocks Worth Buying Now · July 21, 2026 · 1h 3m
• Special Feature: The Cross-Border Wealth Guide: What Most People Get Wrong · July 17, 2026 · 12 min
• These Dividend Stocks Could Compound for Years · July 16, 2026 · 52 min
• The Hated Oil Stock That's Suddenly Winning Again · July 14, 2026 · 38 min
• Canada Wants Pipelines. Enbridge CEO: Private Capital Still Isn't Sold. · July 9, 2026 · 49 min
• Follow the Money: How to Profit From the Government Spending Boom · July 7, 2026 · 1h 5m

Explore listener stats, chart rankings, contacts and more on the In the Money with Amber Kanwar podcast page.