CIO WARNS AI RALLY RELIES ON INVESTOR FAITH Hirtle CIO Brad Conger warns the AI trade is entering a "kindness of strangers" phase, with hyperscalers increasingly relying on debt as free cash flow weakens. He says investors are assuming cash flows will recover, calling that belief a possible "comfortable delusion." AI-related debt has reached roughly $570B, with Citadel forecasting another $500B+ by 2028. Conger also warns massive AI capex will weigh on earnings for years through higher depreciation expenses.(*Walter Bloomberg)