Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

Generative AI and the US Economy: Another 1999-Style Party?

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Hype surrounding the benefits of artificial intelligence (AI) has increased in 2025, despite a slowing economy. While new economy sectors have contributed to growth,  not all is AI-related.</li>
<li>There are valid comparisons between the current environment and the late 1990s surrounding hype about the beneficial impact of technological innovation on corporate performance. S&amp;P500 leadership is priced to perfection.</li>
<li>Current US equity leadership valuations are exposed to threats over the next 9 months, including stress in credit markets due to high bond issuance by companies in AI-related activity.</li>
</ul>


Hype surrounding the benefits of artificial intelligence (AI) has increased in 2025, despite a slowing economy. While new economy sectors have contributed to growth,  not all is AI-related.
There are valid comparisons between the current environment and the late 1990s surrounding hype about the beneficial impact of technological innovation on corporate performance. S&amp;P500 leadership is priced to perfection.
Current US equity leadership valuations are exposed to threats over the next 9 months, including stress in credit markets due to high bond issuance by companies in AI-related activity.


US Equities: Maintaining Elevated Leadership Valuations Will Require Upside Surprises