Barclays Brief

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1. Chips, chokepoints and the battle for AI supremacy

   3 november 2026 · 13 min

   Afspelen
   Semiconductors sit at the heart of the AI revolution, but the global supply chains behind them are under growing pressure. As investment in AI accelerates, highly concentrated capabilities across advanced manufacturing and critical materials are creating strategic chokepoints, while geopolitical pressures are reshaping how these global supply chains must operate. Lees meer

   Recorded at the Barclays Asia Forum, host Patrick Coffey is joined by Chris Miller, New York Times bestselling author of Chip War: The Fight for the World’s Most Critical Technology, to explore the vulnerabilities within the semiconductor ecosystem, the challenge of national semiconductor self-sufficiency and why the politicisation of AI may just be getting started.

   Looking ahead, they consider the next wave of AI adoption, from accelerating research and development in biotechnology and pharmaceuticals to the rise of physical AI. They also examine what this changing landscape means for business leaders, including how boards shouldn’t underestimate geopolitical shifts.

   Read more on the topic:

   10 things you need to know about humanoid robots

   Robots roll out, economies rewire

   AI gets physical: Innovation meets opportunity

   Talent and trade: The new battlegrounds in AI

   Listeners can also explore the topic further in previous Barclays Brief episodes:

   Pacing the Frontier: What’s next for AI?

   AI goes economy-wide

   Rise of the humanoid robots

   Important Content Disclosures

   Important non-Research content disclosures

   This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.​

2. Navigating the AI rotation in Asia

   27 oktober 2026 · 10 min

   Afspelen
   As investors reassess the AI trade, attention is shifting towards how the next phase of the cycle could play out across Asia. The region remains central to global AI investment, but changing sentiment is creating a more complex mix of opportunities and risks. Lees meer

   Recorded at the Barclays Asia Forum in Singapore, host Patrick Coffey was joined by JF Mastrangelo, Head of Markets, APAC, to discuss distinct investment cases across the region. They explore how Korea and Taiwan offer different forms of exposure to the AI investment cycle, and how the scale of the semiconductor sector can extend its effects into their wider economies. They also highlight how India’s domestic growth and banking sector could provide diversification beyond the AI infrastructure trade.

   The conversation also covers China’s strength in exports, including green technology and AI-related products, and Japan’s combination of domestic growth and exposure to AI manufacturing.

   For investors, the discussion highlights the importance of assessing Asia market by market, while remaining mindful of differences in valuation, volatility and sensitivity to the AI cycle.

   Clients can read more on Barclays Live:

   Thinking Macro: SVB Redux?

   Taiwan Semiconductor Manufacturing Company: Confidence growing

   Positioning for AI Disruption: The Next Phase of Enterprise Adoption

   AI in China: From AI investment to adoption

   Listeners can also explore the topic further:

   Trump-Xi: Stability without resolution

   Pacing the Frontier: What’s next for AI?

   Opportunities in Asian Equities

   Japan: Why the world is watching

   Important Content Disclosures

   Important non-Research Content Disclosures

3. The US consumer won't quit

   20 oktober 2026 · 8 min

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   The US consumer has proved to be more resilient than expected, supported by a constructive employment backdrop, income growth and rising household wealth. But beneath that aggregate strength, behaviour is shifting. Consumers are becoming more selective, and their ability to absorb further inflation is becoming increasingly divided by income. Lees meer

   In this episode of the Barclays Brief, host Ronnie Wexler speaks with Priya Ohri-Gupta, Head of US High Grade Research and US Consumer Credit Research Analyst, about the state of US consumer resilience and why it is increasingly uneven.

   They explore the emergence of a two-speed consumer economy, with higher-income households supported by wealth creation while lower-income consumers face greater pressure on their ability to spend. At the same time, consumers across the board are becoming more deliberate about where their money goes, seeking value and trading down.

   Ronnie Wexler and Priya Ohri-Gupta also consider the signals that could point to weakening demand, and how inflationary pressures currently being absorbed by retailers could test resilience into 2027.

   As US consumers become more selective, investors may need to follow suit. With the important holiday spending period approaching, Ohri-Gupta considers the characteristics that could differentiate consumer and retail businesses as spending patterns evolve.

   Listeners can hear more related to this topic:​

   • Negative headlines, resilient markets

   • US Rates: Higher for longer

   • Do high gas prices change how Americans buy cars?

   Clients can read more on Barclays Live:​

   • State of the US consumer: The consumer who won't quit

   Important Content Disclosures

   This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

4. UK Budget: What markets may be missing

   12 oktober 2026 · 14 min

   Afspelen
   Ahead of the UK Autumn Budget, the consensus view is that higher borrowing costs and a weaker fiscal backdrop have left the Chancellor of the Exchequer with little room to manoeuvre. But what if markets are focusing on the wrong part of the story? Lees meer

   In this episode of the Barclays Brief, host Patrick Coffey sits down with Jack Meaning, Chief UK Economist at Barclays, to examine why expectations of a sharp squeeze of the Chancellor’s fiscal headroom may be overstated. While higher gilt yields have dominated the debate, stronger nominal earnings and tax receipts could leave the Chancellor in a more resilient position than many investors assume, at least for now.

   The conversation explores the outlook for inflation, interest rates and the UK Budget, alongside signs of stronger business investment, the potential productivity benefits of AI and why the UK may be emerging as a relative source of stability in Europe.

   For investors, businesses and households alike, the key question is whether the prevailing narrative on the UK has become too negative and what that could mean for growth, markets and policy in the months ahead.

   This episode was recorded on Wednesday 7 October at 10:30am British Summer Time.

   Listeners can hear more related to this topic:​

   • Brexit, Burnham and Britain's next decade

   • French bonds: OAT of control

   • Do debt managers or markets set the price of long bonds?

   Listeners can hear more related to this topic:​

   • Headwinds on the horizon

   • The direct fiscal effects of quantitative easing and tightening

   • UK Rates Strategy: Chancellor Healey meets the bond market: ‘let sleeping dogs lie’

   Important Content Disclosures

   This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

5. French bonds: OAT of control

   9 oktober 2026 · 12 min

   Afspelen
   French government bonds, or OATs, are under growing pressure. While rising yields reflect a broader sell-off across European markets, concerns over France’s fiscal trajectory and political uncertainty are driving an additional risk premium. Lees meer

   In this episode of Barclays Brief, host Patrick Coffey is joined by Rohan Khanna, Head of European Rates Strategy, to examine why investors are demanding greater clarity before returning to French debt. They consider how persistent budget deficits, substantial debt issuance and political fragmentation have contributed to the widening OAT-Bund spread, and why the 2027 presidential and parliamentary elections will be critical for market confidence.

   Khanna also draws an important distinction for investors: the pressure on French bonds reflects a repricing of France’s fiscal and political risk, not a repeat of the 2011–12 eurozone debt crisis. Looking ahead, attention will turn to whether the next administration will have the willingness and ability to address France’s fiscal trajectory. Until there is greater clarity, volatility may persist and investors could continue to demand a higher risk premium for holding French debt.

   Clients can read more on Barclays Live:

   French banks: Standing OAT of the crowd

   Euro Area: Rates Strategy - OAT of the frying pan into the fire

   Macro x Politics: Not just another French election

   Thinking Macro: Three stories. Not one.

   Listeners can also explore the topic further:

   US Rates: Higher for longer

   Decoding the bond sell-off

   European rates: Inflation & AI waves collide

   Important Content Disclosures

6. Negative headlines, resilient markets

   30 september 2026 · 13 min

   Afspelen
   Markets have spent much of 2026 confronting higher bond yields, tighter central bank policy and elevated oil prices. By historical standards, that should have been enough to derail growth. Instead, markets and the global economy have continued to surprise to the upside. Lees meer

   In this episode of Barclays Brief, host Ronnie Wexler is joined by Ajay Rajadhyaksha, Global Chairman of Research, to discuss the thinking behind Barclays Research's latest Global Outlook, Reluctantly Optimistic. They explore why the traditional relationship between higher rates and weaker growth appears to be weakening, and how a powerful AI investment cycle is helping sustain economic momentum.

   The conversation also examines the strength of US corporate earnings, the resilience of the US consumer and early signs that AI-driven productivity gains are extending beyond the largest technology companies. While risks remain, particularly around sovereign debt and bond markets, Rajadhyaksha argues that the fundamental drivers supporting growth and risk assets remain firmly in place.

   This episode was recorded on Monday 28 September at 5:00pm British Summer Time.

   Listeners can hear more related to this topic:​

   Barclays Brief #49: Pacing the Frontier: What’s next for AI?

   Barclays Brief #48: US Rates: Higher for longer

   The Flip Side #87: Do debt managers or markets set the price of long bonds?

   Clients can read more on Barclays Live:​

   Global Outlook: Reluctantly optimistic

   Important Content Disclosures

   Important Non-Research Content Disclosures

   This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

7. Trump-Xi: Stability without resolution

   29 september 2026 · 13 min

   Afspelen
   The recent summit between Presidents Donald Trump and Xi Jinping brought greater stability to US-China relations, but little substantive resolution. Continued dialogue and an extension of the trade truce offer grounds for optimism, however major questions around trade, geopolitics and AI remain unresolved. Lees meer

   In this episode of Barclays Brief, host Patrick Coffey is joined by Mitul Kotecha, Head of FX & EM Macro Strategy, Asia, to consider the implications for Asian markets.

   They explore how strong AI-related demand continues to support technology exporters, particularly Korea and Taiwan, with related investment and activity providing support elsewhere in the region. Beyond the tech sector, moves in US rates have been a significant driver of recent pressure across Asian bond markets. Currency markets present a similarly differentiated picture, with policy tightening in Japan yet to provide sustained support for the yen.

   Turning to energy markets, Kotecha points out that while India and the Philippines remain relatively vulnerable as major energy importers, the region has proved more resilient than expected to elevated oil prices.

   For markets, the central message is that geopolitics is becoming increasingly difficult to separate from the economic story. From trade and technology to supply chains, rates and currencies, the interaction of these forces makes China and the broader Asian region increasingly important for investors to watch.

   Clients can read more on Barclays Live:

   FX & EM Macro Strategy - FX Views for the Year Ahead

   FX & EM Macro Strategy Quarterly Outlook -The FX effect of global reflation

   China-US Watch More signalling, less substance

   Q4 2026 Global Outlook – Reluctantly Optimistic

   Listeners can also explore the topic further:

   Pacing the Frontier: What’s next for AI?

   Japan: Why the world is watching

   Opportunities in Asian Equities

   Important Content Disclosures

8. Pacing the Frontier: What’s next for AI?

   21 september 2026 · 13 min

   Afspelen
   As AI models become increasingly capable, questions around safety and oversight are growing. Recent cybersecurity incidents have intensified the debate over whether frontier AI development needs to slow down, or "pace," while labs introduce stronger guardrails. ​ Lees meer

   ​In this episode of Barclays Brief, host Ronnie Wexler speaks with Senior Internet Research Analyst Ross Sandler about what pacing could mean for the future of AI investment and innovation. They discuss why more rigorous safeguards could increase development costs, how major labs may respond, and whether pacing could change the competitive landscape. ​

   ​Despite the challenges, Sandler remains optimistic about AI. As models become more powerful and more computing capacity becomes available, he sees the potential for major breakthroughs across medicine, biology, science and mathematics. For investors, the question is whether stronger safeguards will materially slow industry growth and innovation, or simply become part of AI’s continued evolution. ​

   ​Listeners can hear more related to this topic:​​

   Episode 42: AI credit supply tests market capacity ​

   Episode 40: Cooling the AI buildout ​

   ​​Clients can read more on Barclays Live:​​

   Compute Increases ~18% From Frontier Lab 'Pacing'​

   AI-fueled Credit Supply: the slice keeps getting bigger ​

   Important Content Disclosures​

   Important Non-Research Content Disclosures​

   ​

   This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.​

9. US Rates: Higher for longer

   14 september 2026 · 11 min

   Afspelen
   Markets began 2026 expecting interest rate cuts. Instead, investors have faced a sharp repricing in bond markets, with the US 10-year Treasury yield reaching 5% and growing debate around whether policy may need to remain restrictive for longer. Lees meer

   In this episode of Barclays Brief, host Patrick Coffey speaks with Dan Orlando, Head of US Rates Trading, about one of the most important questions facing investors today: why has the US economy remained so resilient despite elevated yields and restrictive monetary policy?

   The discussion explores what has driven the recent move higher in Treasury yields, how investors are reassessing the outlook for interest rates, and why this cycle appears different from previous periods of monetary tightening. Orlando explains how a surge in AI-related capital expenditure and data centre investment is helping support economic activity, potentially reducing the impact that higher borrowing costs would normally have on growth.

   The conversation also examines the housing market, Treasury buybacks, investor positioning and why developments in US rates increasingly need to be viewed through a global lens as bond markets across the US, Europe and Japan continue to move together.

   For investors, the key issue is not simply whether rates remain higher for longer, but whether restrictive policy is having the same effect on economic activity that it has in previous cycles, and what that could mean for markets if growth continues to prove resilient.

   Clients can read more on Barclays Live:

   The dog that did not bark for now

   United States: Interest Rates: On the brink

   Listeners can also explore the topic further:

   Ep 47: The Multi-Trillion-Dollar Energy Race

   Ep 42: AI credit supply tests market capacity

   Ep 41: Challenging market consensus

   Ep 40: Cooling the AI buildout

   Important Content Disclosures

   Important Non-Research Content Disclosures

10. The Multi-Trillion-Dollar Energy Race

    8 september 2026 · 12 min

    Afspelen
    Markets are fixating on the billions being invested in AI. But a second massive investment story related to energy is emerging and investors need to pay attention. Lees meer

    In this episode of Barclays Brief, host Patrick Coffey speaks with Harry Mateer, Head of Americas FICC Research at Barclays, about why energy could become one of the defining macro themes of the coming decade. As energy security concerns persist, economies electrify and AI accelerates demand for power, the world must build and maintain multiple energy systems at once, requiring investment on a scale markets may be underestimating.

    Mateer explains why demand is growing across virtually every major energy source, why annual energy investment could reach roughly $3.6 trillion, and how a global shift towards resilience and reliability is changing the way governments, companies and investors think about energy. The discussion explores which regions are best positioned for this new era, the implications for inflation, and why energy can be viewed as a growth opportunity rather than a traditional value sector.

    For investors, the global energy race is about far more than oil, gas or renewables. It is a multi-trillion-dollar competition for capital, infrastructure and strategic advantage that could reshape the global economy for decades to come.

    Clients can read more on Barclays Live:

    •The global energy race: Energy in the age of fragmentation

    Listeners can also explore the topic further:

    Impact Series #15 The global energy race

    Ep 45: Nuclear fusion: Tomorrow's solution to today's problem​

    Ep 42: AI credit supply tests market capacity

    Ep 40: Cooling the AI buildout

    Ep25: The cusp of a capex supercycle

    Impact Series #13 AI revolution: Meeting massive AI infrastructure demands

    Important Content Disclosures

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