Bridgewater Associates
Macro research and observations from Bridgewater Associates.
United States3 articlesLast published 21 Jan 2026
Multi-Asset
Research
Bridgewater AssociatesMulti-Asset
The Macro Implications of the AI Capex Boom
Bridgewater Associates estimates AI capital expenditure will contribute approximately 140 - 150 basis points to US GDP growth in 2026 - 2027, driven by the data center build-out, while providing limited labor market support and creating acute price pressures in power, memory chips, and materials. The report argues that many second-order macro consequences - including impacts on yields, currencies, capital allocation, and Fed policy - are not yet priced into markets.
21 Jan 2026
Bridgewater AssociatesMulti-Asset
How Canada Is Responding to American Mercantilism
Bridgewater Associates analyzes Canada's three-pronged policy response to US tariffs and trade disruption, covering trade diversification (doubling non-US exports over a decade), a C$78bn fiscal expansion (Canada Strong Budget 2025), and continued Bank of Canada monetary easing despite rising core inflation. The piece uses Canada as a case study and road map for other export-dependent economies navigating the new mercantilist trade environment, highlighting early signs of economic stabilization and Canadian equity outperformance relative to the US.
6 Jan 2026
Bridgewater AssociatesMulti-Asset
Google’s Gemini 3 Means AI’s “Resource Grab” Phase Is On
Bridgewater co-CIO Greg Jensen and AIA Labs Chief Scientist Jas Sekhon argue that Google's Gemini 3 model - the largest pre-training compute leap since GPT-4o - confirms that AI scaling laws remain intact and will drive an unprecedented global capex boom in 2026 - 2027. The piece contends that Google has surpassed OpenAI as the frontier AI leader, that Nvidia faces meaningful competitive risk from Google's TPU ecosystem, and that the broader economic and capital-market implications of AI investment are still widely underappreciated.
3 Dec 2025