MAI Capital Q3 2026 review flags AI spending slowdown as biggest risk to equities
SPY•MAI Capital flagged a slowdown in AI spending as the biggest risk to equities, even as the S&P 500 rose 2.3% in Q3. The 10-year Treasury yield rose to about 5.3% from 4.2%.
1. Equity and bond risks
MAI Capital said a slowdown in AI spending was the biggest risk to equities, while the S&P 500 gained 2.3% in Q3. The firm also flagged a sharp bond selloff, with the 10-year Treasury yield rising to about 5.3% from 4.2%. It said higher yields were consistent with a stronger economy and cited a first Fed rate hike in three years, with about 75 basis points more priced by mid-2027.
2. Fixed-income assessment
MAI Capital highlighted fiscal risks but said markets had not materially repriced U.S. default risk, citing a 3.7% five-year default probability. It said fixed income offered more attractive entry points, with investment-grade corporate yields in the 95th percentile since 2008.
