Post-CERAWeek: Power, Policy and the Electrotech Age | Look Forward Ep. 28

Energy has moved back to the center of corporate strategy and public policy—and AI is a major reason why. In this episode of the Look Forward Podcast from S&P Global, host Aries Poon is joined by S&P Global experts Aneesh Prabhu, Ashutosh Singh, and Raoul LeBlanc to discuss the fast-changing energy reality now confronting utilities, investors, and governments. Related Research: Look Forward: Energy Futures Upstream is back … but different Has the electrotech age arrived? More Look Forward: Look Forward Homepage

The European Central Bank has entered the preparation phase for a digital euro—and political momentum is building toward a potential launch before 2030. In this episode, host Aries is joined by Cihan Duran (Ratings) and Shuchita Shukla (Market Intelligence) to break down what the digital euro is (and isn't), why EU policymakers are prioritizing it now, and what it could mean for payments, consumers, banks, and financial stability.

In this episode of the Look Forward Podcast from S&P Global, host Aries Poon speaks with Natznet Tesfay, Global Head of Analysis at S&P Global Market Intelligence, about how technology is becoming the decisive game changer in geopolitics as we approach 2026. They explore why geopolitics has shifted from sporadic shocks to a constant operating condition, and how traditional stabilizers like frictionless trade, predictable regulation, and cheap capital are becoming "unmoored." Natznet explains S&P Global's concept of the "age of agility" and why policy itself is now a major source of market volatility, requiring leaders to track it as closely as macro data.

AI is everywhere in the headlines—but what does it actually mean for jobs? In this episode of the Look Forward Podcast from S&P Global, host Aries Poon is joined by Sophie Malin (Principal Economist, Global Labor Markets) and Pollyanna De Lima (Economics Associate Director, Purchasing Managers' Index/PMI) to separate hype from real-world labor market signals.  The conversation starts with a crucial distinction: AI development (chips, data centers, capital-intensive buildouts) versus AI deployment (using AI inside everyday business processes)—and why deployment is what truly rewires hiring, productivity, and work design. Drawing on PMI special survey insights, Pollyanna breaks down where adoption is spreading fastest (with Northern Europe leading), which sectors are moving first (notably financial services and professional/business services), and how adoption differs across services vs. manufacturing. The guests also dig into what companies are optimizing for today—efficiency and customer outcomes over headcount cuts—and why the near-term impact may look more like slower hiring and shifting job tasks.  Looking ahead, Sophie and Pollyanna outline the biggest unknowns: how quickly AI capability improves, what happens to entry-level and graduate pipelines, whether productivity gains translate into hiring freezes, and how governments might respond if employment and tax bases come under pressure. They also point to key indicators to watch, including the PMI Employment Index and business outlook/hiring intentions measures, to track how labor demand evolves in real time.

The exponential expansion of global AI investment looks set to continue at scale in 2026, with hyperscalers on track to spend $625 billion in aggregate data center capex by year-end. The boom is also lifting players that supply the ecosystem, with near-term demandoutstripping the supply of new data center capacity and corresponding investments materially boosting growth in the broader U.S. economy. Whether AI adoption and monetization will accelerate enough to turn this early investment‑led economic boost into lasting productivity and financial returns is yet to be seen.   But as funding for this expansion shifts from equity markets to debt markets (fueled largely by private credit), some risks have elevated—as a result, in part, from the surge of investments that increasingly rely on debt and the rise of increasingly complex and circular financing structures.   In this episode of the Look Forward Podcast, co-host Molly Mintz explores the credit risks of data center development with Pierre Georges, Managing Director and Head of Infrastructure Research at S&P Global Ratings.   Their conversation explores the 2026 digital infrastructure outlook; analyzes the execution, financial, and contractual risks of the AI-driven data center buildout from a credit perspective; and highlights the development dynamics of power and grid bottlenecks, supply -chain constraints, and tensions between growth, affordability, and decarbonization. We also discuss S&P Global Ratings' view on what could lead to the emergence of winners and losers across the ecosystem, and the leading indicators to watch for an AI investment slowdown—including changes in enterprise adoption and monetization, supply and demand dynamics across the semiconductor supply chain, performance signals from key partners, the scale of hyperscalers' capex plans, and major players' investment behavior.  For more Look Forward content, please visit the Look Forward homepage. 

In this early-2026 market check-in, host Andy Critchlow (S&P Global Energy) sits down with Jim Burkhard (Head of Crude Oil Analytics and Research) to unpack a turbulent start to the year for oil prices—driven by geopolitics and real-world supply disruptions. They examine three major forces shaping markets: uncertainty around Iran, shifting expectations for Venezuelan heavy crude exports and potential production growth, and Black Sea loading issues affecting Kazakh flows.    The conversation also digs into the "heavy crude" constraint (including the need for diluent), what it would take for international oil companies to reinvest in Venezuela, and why US onshore output is proving more resilient even in a lower-price environment. On the demand side, they explore how China's gasoline and diesel use has plateaued amid rapid EV adoption, what that means for global growth, and whether India (and potentially parts of Africa) can become the next big demand engine.   For more Look Forward content, please visit the Look Forward homepage. 

Amid geopolitical friction, economic uncertainty, and rapid technological disruption, the World Economic Forum's Annual Meeting in Davos convenes global leaders around a "spirit of dialogue." In this episode of the Look Forward Podcast, host Molly sits down with S&P Global Ratings Chief Global Economist Paul Gruenwald and S&P Global Energy Chief Strategist Atul Arya, fresh to Switzerland, to unpack what mattered most—and what it signals for 2026.   Together, they explore how AI is "moving the macro needle" through a data-center investment boom, and whether the next phase will deliver the productivity gains markets are already pricing in. They also dig into AI's less-discussed constraint: power—from turbine shortages and transmission bottlenecks to rising electricity prices and the collision between hyperscalers' speed and the power sector's slower build cycle.   The conversation covers to energy markets and geopolitics, including why recent shocks haven't yet upended oil pricing, why the debate has shifted from energy transition to energy expansion, and how LNG and trade balances are becoming increasingly intertwined. Additionally, the interview covers how Davos attendees expressed attention to the erosion of trust in the global world order and why a more fragmented approach may become the status quo.   For more Look Forward content, please visit the Look Forward homepage.   More From Paul and Atul: Look Forward Journal: Data Center Frontiers The CERAWeek Podcast with Atul Arya Subscribe to Paul Gruenwald's "Essential Economics Newsletter" on Linkedin

As 2025 draws to a close, Andy Critchlow is joined by co-hosts Molly Mintz and Aries Poon to reflect on the Look Forward Podcast's 2025 conversations. From the persistence of inflation and the evolving role of central banks, to the rise of private credit and the profound impact of AI-driven data center investment, we dive into the macroeconomic, geopolitical, and sectoral shifts transforming global markets.  Packed with expert insights, global perspectives, and forward-looking analysis, this episode is your essential guide to this past year of S&P Global's essential intelligence.   Happy Holidays from the Look Forward Council.   Episodes Featured (In Order of Appearance) Navigating Uncertainty: Insights into the Global Economy (7/31/2025) Understanding Global Tensions: Geopolitics, Trade, and the Energy Transition (8/4/2025) Powering the Future: Data Centers at the Crossroads of AI and Sustainability (11/20/2025) Building Tomorrow: The Critical Role of Cement (9/5/2025)

In this episode of the Look Forward Podcast, host Aries Poon is joined by Thea Fourie from S&P Global's Market Intelligence Division to explore three pivotal trends shaping the global payment landscape in 2026. They delve into the interoperability of domestic payment systems, the rise of BRICS alternatives to international payment frameworks, and the increasing adoption of stablecoins, particularly in emerging and frontier markets. Discover how these trends can enhance financial inclusion, facilitate cross-border payments, and address inflationary pressures. Join us for expert insights that will help you navigate the evolving financial landscape and prepare for tomorrow's opportunities.

In this episode of the Look Forward Podcast, host Molly Mintz reconnects with the audience as she dives deep into the critical role of data centers in the evolving landscape of artificial intelligence. Joined by experts Kelly Morgan and Brian Partridge from S&P Global's 451 Research and authors from our latest Look Forward Report, "Navigating the US data center power crunch: On-site solutions offer a faster path to power," the discussion explores the unprecedented demand for data center capacity fueled by generative AI and its implications for the U.S. economy. As data centers become the backbone of the digital economy, we examine the challenges they face, including energy consumption, sustainability goals, and the pressure on the power grid. Our experts share insights on the investment boom in digital infrastructure, the potential risks associated with capital intensity, and the innovative solutions being explored to meet the growing energy demands." Additionally, we look beyond U.S. borders to understand how regions like the Middle East are positioning themselves as emerging data center hubs. Tune in for a forward-looking conversation that highlights the transformative impact of data centers on global markets and the future of technology.