El Erian sees a new ‘unsettling’ economic risk emerging in 2026 – and it’s not inflation or affordability

・El-Erian highlighted that a key shift in the economy is the emergence of an AI-driven growth dynamic. ・AI capex bolstered U.S. economic growth in 2025, and the economist expects it to remain historically high in 2026 due to the dual imperative of working “on” and “with” AI. ・El-Erian says the U.S. will move to the next stage in 2026, from building...