People walk by the New York Stock Exchange on July 23, 2026, in New York City.
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On the surface, the markets seem stable. Stocks are near record highs, and bonds are right about where they’ve been for the past couple of months.

But check under the hood, and you’ll see signs that investors are growing increasingly nervous — mostly because of AI.

This time, the anxiety isn’t because AI is going to kill us all (that was SO last month). The latest concern: AI may be a financial quagmire.