KPMG economist: Fed may fear tightening too fast, flags AI fragility

The notable signal here is the funding channel: if credit institutions are growing more cautious about financing AI infrastructure at prior valuations, the AI trade's dependence on cheap capital becomes a live question rather than a background assumption. That links two markets that are usually discussed separately — Fed policy risk and AI equity risk — and the mid-October tech selloff suggests the connection is already being tested. What matters next is whether that lending caution is a temporary repricing or a broader shift in how hyperscaler buildouts get financed.