Contributor: Alik T. Ulmasov, CFA
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The Elephants in the Curve: Hyperscalers in Pension Discount Curves
The AI infrastructure boom is reshaping a lot of things—equity markets, capital spending, even the power grid. Add one more to the list: the yield curves that corporate pension plans use to discount their liabilities. When discounting their liability, these pensions typically use yield curves based on AA corporate bonds. These days, an increasingly large…