Ackman vs quant: AI compute demand may break the Fed's inflation playbook
Afinetheorem · x · 2026-09-28
Bill Ackman argues that if demand for intelligence and energy is insensitive to rates — because winning the superintelligence race has near-infinite ROI — then rate hikes won't curb investment. Instead, interest costs get embedded in everything, fueling more inflation and forcing the Fed to hike further.
Quant researcher Afinetheorem frames this as a lesson in marginal vs. average effects, asserting that the current AI buildout precisely equates risk-adjusted expected rate of return with cost of capital — the market is already pricing at the margin, and only the elasticities are debatable.
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