What is Next for India? | Christopher Wood | 24 Sept 2026 | The BroadView with Nikunj Dalmia

1. Executive Briefing (TL;DR)

• Top Key Takeaways:
  • AI Capex Armageddon Risk: The global AI capex arms race has surpassed the dot-com era's IT investment share of GDP (~5% peak), closely resembling the speculative 19th-century US railway boom that resulted in mass capital destruction [00:03:09].
  • Structural US Sovereign Debt Bear Market: G7 and US Treasury bonds are locked in a secular bear market initiated in March 2020. With 85% of net US Treasury issuance concentrated under 1-year maturities over the last 12 months, the Fed/Treasury will likely enforce once 10-year yields reach 5.0%–6.0% [].