Deutsche Bank: US AI capex to hit $800B, dollar tied to AI race

Deutsche Bank's framing ties the dollar's reserve status to the success of private AI investment, a notable shift from traditional official flows. The emphasis on rising dollar-stock correlation suggests that AI-led capital inflows could make the currency more sensitive to tech-sector sentiment, potentially undermining its safe-haven appeal. Tokenization's dual role—enhancing dollar asset attractiveness while easing outflows—adds a layer of complexity to the dollar's trajectory. The key dynamic to watch is whether private AI capital can sustain the dollar's global role, or if increased correlation and easier asset movement will amplify volatility in currency markets. This underscores a broader trend where digital asset infrastructure intersects with macroeconomic stability.