Fidelity International

Security system installers eagerly sold huge numbers of the cheap cameras.

Global financial institutions, such as Fidelity International and Norway's Sovereign Wealth Fund, were enthusiastic investors in the profitable, fast-growing Chinese companies.

American chip giants Intel and Nvidia sold them silicon to power their face recognition.

That would all soon change.

Are the bond vigilantes back? 30-year Treasury yields hit their highest since 2007 last month, and Washington has responded by buying its own long-dated bonds and quietly leaning more on short-term debt to fund itself.

So is something changing in how America borrows, or is this just another market scare that will pass? Well, to answer that, uh, and more, I'm joined by Salman Ahmed, Fidelity International's Global Head of Macro and Strategic Asset Allocation.

Salman, thank you for your time today.

Um, now we've spoken before about a lot of what's sitting underneath, um, these tremors in government bond markets: aging population, central bank independence, the, the politics of debt.

Quant has layers of institutional privacy built into this protocol.

Now, institutions are going to want that, supported by financial infrastructure firms like ANZ, Fidelity International, Deutsche Bank.

A lot of big players are in this conglomerate, and there's something very, very big, I think, coming for Chainlink in this regard today.

So what I think is the biggest part of this update is the automated compliance engine, what they call ACE, automated compliance engine.

I would ask whether all of this really matters about AI's influence in the economy, but from the same Bloomberg article, one manager is quoted as saying, there are just so many things to unravel if it starts.

And the bond fund manager at Fidelity International is quoted as saying, by the end of next year, the amount of tech-related debt in the system is going to be like a systemic issue.

He goes on to say that lending to the sector could grow so large that its size becomes a risk in itself.

So are these just some negative opinions or is there a concern about the heavy investment right now into the AI companies?

Let's go.

My guest today spent about 20 years trading fixed income at Bear Stearns, ABN Amaro, BlackRock, and Fidelity International.

And then he ran digital assets and tokenization inside Fidelity International for about three years.

Then he left in 2025 to build on ChainNative.

He's one of the sharpest sparring partners I've got on this stuff because he's lived both sides of it.