The Risks Behind the Expected $5.3T AI Data Center Funding Boom | WSJ’s Take On the Week

We are knee deep into earnings season, and WSJ’s Take On the Week co-hosts Telis Demos and Miriam Gottfried dive right into what companies they’ll be keeping an eye on this week. Our hosts compare the divergent strategies of Chevron and ExxonMobil as they navigate geopolitical instability in Venezuela and a push for cheap oil from President Trump. Telis and Miriam highlight some rising and and not-so-rising stars in the AI story: Seagate and Meta. Then they look at the return of the “Sell America” trade amid recent policy volatility and tariffs

After the break, Miriam is joined by Greg Peters, co-chief investment officer for public fixed income at PGIM, the asset management business of Prudential Financial, to discuss the risks facing the bond market. Peters explains why the market shrugged off recent concerns over Fed independence. Next, he shares how he hedges the winner-take-all risk in the AI buildout. And finally, Peters shares his biggest concern as an investor over the next year.

0:10 Welcome to the show!
0:29 Chevron & Exxon are reporting earnings
3:20 Tech earnings: Seagate & memory
4:42 Meta & Microsoft AI strategy
6:51 Macro news & ‘Sell America’ trade
9:18 Send us your questions
12:12 PGIM co-CIO Greg Peters on Fed & markets
14:44 AI spending & economic growth
16:49 Data center investments
20:52 Public vs private credit
26:04 Biggest concerns for 2026

This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com.
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