Nomura said in a recent research report that the U.S. artificial intelligence boom is strengthening economic growth while also worsening inflation, expanding the trade deficit and increasing debt issuance, with the bank warning that the country’s net international investment position liabilities have risen to about 80% of the total net assets of creditor countries.

According to Nomura, AI investment has created a mixed macroeconomic effect in the United States. The bank said demand linked to the sector has supported growth, but it has also pushed up chip and electricity prices, adding to inflation pressure. It also said imports of technology equipment have surged, contributing to a wider trade deficit.

The report further said large cloud computing companies have issued substantial debt, a dynamic Nomura linked to higher U.S. Treasury yields. In its assessment, these forces are feeding into a broader deterioration in the U.S. external balance sheet rather than remaining limited to one industry segment.

Nomura’s central warning focused on the U.S. international investment position. It said U.S. net liabilities have climbed to about 80% of the total net assets held by creditor countries. The report framed that level as a sign that the U.S. economy is becoming more exposed to shifts in foreign capital allocation as AI-led investment accelerates.

The bank also outlined a downside scenario. If AI development loses momentum while U.S. equities remain highly valued and fundamentals weaken, Nomura said that could trigger a sharp correction in U.S. stocks. In that scenario, global investors could reduce risk exposure more broadly, and the U.S. dollar could come under pressure.

Why It Matters

The report matters because it connects one of the market’s dominant themes, the AI buildout, to wider macro and cross-border funding risks rather than to growth alone. That broadens the discussion from corporate earnings and technology spending to inflation, Treasury financing, foreign capital dependence and the resilience of U.S. asset valuations.

For crypto markets, the significance is indirect but relevant. A change in global risk appetite driven by U.S. macro stress can affect liquidity conditions across digital assets, especially when the trigger comes from the same AI-driven investment cycle that has helped support wider market optimism.