As AI systems become more capable, they are changing the nature of cyber risk. Reports of AI agents accessing external systems have intensified questions about how organizations can defend themselves, where regulation fits in, and what this evolving threat landscape could mean for credit risk. In this episode of Credit Currents, Moody's analysts explore the opportunities and challenges at the intersection of AI and cybersecurity, including developments involving OpenAI, Hugging Face and Anthropic Learn more at our Cyber Credit Conference in New York on December 1: https://mdy.link/3WarHMh

A raft of new US tariffs on Canadian goods has come into effect, raising questions about whether Canada can withstand the economic fallout from tensions with its key trading partner. Trade is sure to be top of mind in October, as Canadian Prime Minister Mark Carney prepares to meet with top European Union officials at a summit in Montréal. We speak with Moody’s Ratings’ lead analyst for Canada about the potential credit impact across sectors and whether the country could forge new alliances.

Pharma M&A is on track to exceed $160 billion this year, its highest level since before the pandemic. With $300 billion of revenue exposed to patent expirations over the next five years, drugmakers are turning to acquisitions to replenish pipelines and replace lost revenue. GLP-1 weight-loss drugs, along with oncology and neuroscience, key areas driving deal activity.

Data center growth is accelerating, but access to electricity is becoming a critical constraint. This episode of Credit Currents examines how utilities, developers and policymakers are adapting to unprecedented power demand driven by AI and cloud computing.

AI adoption is accelerating across businesses and workplaces, but its economic impact remains difficult to measure. In this episode of Credit Currents, we examine the disconnect between rising AI usage and labor market and productivity outcomes. What are the drivers behind the gap, lessons we can use from the dot-com era, and the key metrics investors should watch as AI investment continues to grow? Listen now to find out.

AI may have begun as a technology race, but it is increasingly becoming a race for capital and infrastructure. As hyperscalers invest at unprecedented levels, a SpaceX IPO and potential offerings from OpenAI and Anthropic, are offering new insights into the financing needs, transparency and credit dynamics shaping the industry's next phase.

Instant, low-cost cross-border payments are moving closer to reality as blockchain, stablecoins and tokenization reshape financial infrastructure. This episode explores how distributed ledger technology can enable faster, more transparent transactions while improving liquidity management through automation and smart contracts. Adoption remains gradual, with regulatory uncertainty, interoperability challenges and the need for market confidence continuing to shape progress. The discussion also examines Moody’s stablecoin methodology, the role of AI in fraud detection and liquidity forecasting, and key risks across technology, cybersecurity and regulation. Featuring insights from Moody’s analysts Greg Sobel and Lucas Viegas.

Is the US economy increasingly dependent on high-income consumers? In this episode of “Credit Currents,” Mark Zandi, Chief Economist at Moody’s Analytics, and Atsi Sheth, Chief Credit Officer at Moody’s Ratings, examine the reality of the K-shaped economy. They explore how the top 20% of earners now drive roughly 60% of spending, while lower-income households face mounting pressure from rising costs of essentials like food, fuel and housing. From premium airline demand to tightening credit conditions and weakening real income growth, this episode highlights why economic growth may appear stable, but is becoming increasingly fragile and concentrated.

Private credit has hit a speed bump in the US, where the market is rapidly pivoting from growth to stricter risk discipline. At our flagship “Credit Frontiers” event, we sat down with Moody’s leaders to discuss what’s behind these “bad vibes” about private credit and what they’re hearing from market participants about the trajectory of the asset class.

What comes next for sustainable finance debt markets? The energy transition’s momentum has shifted towards more pragmatic rationales, including energy security, sovereignty and critical supply-chain resilience. In this episode, we discuss why, despite headwinds arising from global trade tensions, Asia remains a contributing force for the “pragmatic transition”, the favorable conditions supporting renewable investment, as well as the opportunities for both the public and private sectors.