The latest inflation data offered fresh evidence that price pressures remain contained, even as investors continue to wrestle with concerns over interest rates, fiscal deficits and an increasingly fragmented geopolitical landscape.
Yet for some of Wall Street’s largest alternative asset managers, those macro debates are beginning to take a back seat.
Apollo Global Management co-President John Zito said the usual checklist of inflation, deficits, interest rates and political fragmentation matters far less than a single emerging force: artificial intelligence.
"I spend very little time thinking about most of the things you just brought up," Zito said, when asked about the macro environment during the Morgan Stanley Financial Services Conference on June 10.
"I think the only thing that matters is whether what's going on with Anthropic in the labs is real or not. It's so dwarfing with what's going on in the world."
