Institutional Investors are Rebuilding Their Equity Exposure
Institutional investors are rebuilding their equity exposure: The NAAIM Exposure Index has jumped +19 points over the last 4 weeks, to 79, the highest since mid-February. This index measures average US equity exposure reported by members of the National Association of Active Investment Managers, making it a key indicator of professional investor positioning. At the same time, hedge fund net leverage has risen +8 percentage points to 77%, the highest since early March.
AI adoption: AI adoption among large US companies is currently at 56% according to RAMP AI data. This suggests there is plenty of room for further increases, which should translate into stronger demand for compute.
Energy storage: Morgan Stanley sees the next big opportunity in Energy Storage when it comes to AI power plays.
The US is now spending more on debt interest than on its entire military:
Gross interest expense on US debt has risen to a record $1.3 trillion over the last 12 months, surpassing defense spending of ~$900 billion.
Interest is now the second-largest US government spending category, only behind Social Security at ~$1.6 trillion.
Chinese solar exports: Chinese solar exports hit a record 68 GW in March 2026, double the previous month.
