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