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Mike Pyle (BlackRock) tells CNBC that historic capex demand plus fiscal, corporate and household borrowing have capital markets at the outer bounds of capacity, tilting interest-rate risks upward, especially at the long end.
All of that adds up to us to an environment where the risks are tilted upward on interest rates, precisely because the capacity of capital markets are at the outer bounds
Mike Pyle (BlackRock) tells CNBC he sees no slowdown in the AI capex wave and considers the environment still underbuilt, not overbuilt, with no deterioration in capex expectations this earnings season.
we don't see any slowdown of this incredible CAPEX wave that looks to us as if this is an environment that's still underbuilt, not overbuilt
Nasdaq since this was said: ▼ -1.1% · 26,803 → 26,507 · as of 2026-09-04
Mike Pyle (BlackRock) tells CNBC the ingredients for ongoing earnings strength remain, so stocks are a race between earnings and rising rates.
And so to our eyes, the ingredients for ongoing earnings strength remain.
S&P 500 since this was said: ▼ -1.0% · 7,799 → 7,719 · as of 2026-09-04
Mike Pyle (BlackRock) tells CNBC that evidence of AI-driven productivity gains is only fragmentary so far and more is needed before confidence that the payoff is coming through.
I think you can see fragments of evidence of productivity increasing
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