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Caught Between War and the AI Boom

From AMG National Trust Bank

By

June 23, 2026

Caught Between War and the AI Boom

AMG National Trust Bank mid-2026 economic commentary examines two opposing forces shaping the macro outlook. Intensifying geopolitical conflict is driving an inflationary energy shock, while accelerating artificial intelligence capital spending is creating a growth tailwind and supporting asset prices. The analysis considers how this tension between geopolitical risk and technology-driven growth affects portfolio positioning for trust clients, and what the dueling forces imply for inflation, interest rates, and risk assets through the remainder of the year.

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