This Week in Review | AI Debt, French Bond Yields, Oil Prices (Oct. 23, 2026)

The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews: • Debt issued by AI companies • French bond yields • Elevated oil prices

Below are the sources for all data cited in today’s show:

1. Source: FactSet, as of 10/23/2026. NASDAQ Price, daily, 10/1/2026 - 10/22/2026. 2. Source: Macrobond, as of 10/21/2026. US, Germany, UK and Canada 10-year government bond yields, monthly, January 1990 – September 2026. 3. Source: Yahoo! Finance, as of 10/21/2026. “CoreWeave Bond Yields Reach 15% as Investors Reassess AI Infrastructure Financing Risks,” 10/19/2026. 4. Source: Dealroom.co, as of 10/21/2026. “AI debt worries spark surge in default insurance trading,” 10/20/2026. 5. Source: Macrobond, as of 10/22/2026. MSCI Emerging Markets (EM), MSCI Europe, MSCI UK, MSCI Canada, MSCI Australia, MSCI Japan, MSCI World and MSCI USA Total Return indexes, cumulative returns, USD, daily, 1/1/2022 - 10/16/2026. 6. Source: FactSet, as of 10/23/2026. France 10-Year Government Bond Yield, 12/31/2025 –10/22/2026. 7. Source: FactSet, as of 10/21/2026. 10-year yields for Germany, France, US and Japan, 12/31/2025 – 10/1/2026. 8. Source: Macrobond, as of 10/21/2026. US, Germany, UK, Canada and Greece 10-year government bond yields, monthly, January 1990 – August 2026. 9. Source: Insee, as of 10/21/2026. French Central Government Interest Payments Relative to Revenue, 12/31/1977 – 8/31/2026. 10. Source: MarketWatch, as of 10/23/2026. Brent Crude continuous contract, 10/19/2026 – 10/23/2026. 11. Source: Macrobond, as of 10/22/2026. MSCI World Total Return index, monthly, January 1970 – September 2026. 12. Source: MarketWatch, as of 10/23/2026. Brent Crude continuous contract, 1/1/2026 – 10/22/2026. 13. Source: IEA, as of 10/7/2026. September Oil Market Report. 14. Source: FactSet, as of 10/21/2026. Brent oil prices in nominal and real (2000 base) USD, monthly, 1/1/2000 – 9/30/2026. 15. Source: Macrobond, as of 10/21/2026. Oil consumption/real GDP of US, European Union and China, yearly 1965 – 2024. Expressed in barrels of oil per $1,000 USD of GDP.

Want to dig deeper?

• More on what rising French bond yields mean for markets: https://www.fisherinvestments.com/en-us/insights/market-commentary/budgeting-for-french-debt-fears • How global oil supply constraints affect businesses: https://www.fisherinvestments.com/en-us/insights/market-commentary/on-oils-latest-vicissitudes

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Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.