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Tech x VCGlobalTechnology, AI, semiconductors, and venture capital for builders and investorsShowing 6 of 6
Technology, AI, semiconductors, and venture capital — curated for builders and investors.
Tech x VCGlobalShowing 6 of 6
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**.
> "The essence of investment management is the management of risks not the management of returns." - **Benjamin Graham (quoted by Espen Fistru)** [[00:01:51](https://youtu.be/JdQHbxoyJH8?si=sBX74hCLOG4YqiG9&t=0h1m51s)] > "Stability has never been more unstable and we have a lot of new risks on the agenda." - **Nikolai Tangen** [[00:04:19](https://youtu.be/JdQHbxoyJH8?si=sBX74hCLOG4YqiG9&t=0h4m19s)] >…
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.
Apollo: "The 10 biggest companies in the S&P 500 make up almost 40% of the index, and if Anthropic, OpenAI and SpaceX are added later this year, the concentration could approach 50%, see chart. The bottom line is that the S&P 500 basically doesn’t offer much diversification anymore."
First, there was a lot of chatter about the Treasury Debt Maturity Wall. Now add Software to that.
Apollo: Software faces a massive $40 billion maturity wall in 2028, dominated by lower-rated B- credits, exposing the sector to refinancing risks amid AI disruption and rates higher for longer, see chart.
Tail Risks Rising: From 10% to 30% | Feb 24, 2026 | Apollo Global
