One Factor Driving All Returns | March 25, 2026 | Torsten Slok's The Daily Spark | Apollo Global

Apollo: AI is driving returns in equity markets because of the growing size of tech in the S&P 500 index, and this is a problem for both institutional and individual investors, see chart. With hyperscalers issuing more debt, AI is increasingly also driving returns in bond markets. And AI currently makes up **60%** of investments in **venture capital**.