An illustration showing bonds, and AI circuit lines with small business people standing on top

Illustration: Rose Wong

Jul 7th 2026|4 min read

THE RAPID spread of new technological infrastructure is usually accompanied by booms in bond markets. The emergence of a liquid market for corporate credit on both sides of the Atlantic in the 19th century reflected the express growth of the railway industry. Before the arrival of railway operators with their vast investment needs—to buy land, lay tracks and ship goods—corporate finance was the province of small banks. Afterwards it became coupled first with national, then with international bond markets.

AI has taken over the stock market. The bond market is next