The convergence of global retirement savings and the financing of artificial intelligence infrastructure constitutes the central driver of a new generation of systemic risk. This risk does not lie in a potential “disappearance” of AI demand, but in the financing architecture that supports it: very long-term capital commitments (pension funds, insurance companies) finance technological assets whose economic lifespan is structurally shorter, through off-balance-sheet vehicles (SPVs), private credit, and securitizations whose transparency remains limited.
