Allianz vs NN Group

Allianz invests in European growth fund

Allianz invests in the Scaleup Europe Fund alongside the European Commission to finance high-growth European technology companies in sectors including AI, quantum technology and semiconductors.

Allianz Research Warns of Rising Credit Risk in AI Infrastructure Boom

Allianz Research warns that the massive expansion of AI infrastructure is increasing credit risk for major US tech companies, as long-term off-balance-sheet commitments are not fully reflected in balance sheets. The study analyzed eight US tech firms and found their long-term debt increased by 86% in the year to mid-2026. When including off-balance-sheet commitments such as future data center leases and infrastructure obligations, the total for Alphabet, Meta, Oracle, Microsoft, and Amazon reached nearly $2.6 trillion in August 2026, up from $573 billion a year earlier. These commitments could lower credit ratings by one to two notches. CDS spreads have more than doubled, but markets have not fully priced in the risk. Equity volatility is a key factor, and a stress scenario could widen spreads by about 20 basis points. The report highlights the asymmetric risk: shareholders benefit from AI upside, while creditors bear the downside.

• Long-term debt of eight US tech companies rose 86% in the twelve months to mid-2026.
• Off-balance-sheet commitments for Alphabet, Meta, Oracle, Microsoft, and Amazon totaled nearly $2.6 trillion in August 2026.
• Including off-balance-sheet liabilities could lower credit ratings by one to two notches.

US Regulators Probe Tesla's Cybercab Launch Without Manual Controls

The U.S. National Highway Traffic Safety Administration (NHTSA) has opened an investigation into Tesla's decision to deploy its Cybercab robotaxi on public roads in Austin, Texas, without a steering wheel or pedals. The probe, announced hours after the launch of 45 registered vehicles, will examine Tesla's self-certification process under Federal Motor Vehicle Safety Standards (FMVSS). This follows a similar investigation into Amazon's Zoox robotaxi in 2022, which led to a temporary exemption and commercial launch. The outcome could set a regulatory precedent for autonomous vehicles. The article also covers other mobility news, including Allianz's potential acquisition of AA, Uber's $15 billion bid for Delivery Hero, and Waymo's expansion into new cities.

• Tesla launched Cybercab robotaxi service in Austin with 45 registered vehicles; NHTSA opened an investigation hours later.
• NHTSA will examine Tesla's self-certification process under FMVSS for vehicles lacking steering wheels and pedals.
• In 2022, NHTSA investigated Zoox's self-certification, leading to a temporary Part 555 exemption and subsequent commercial launch.

NN Group extends its Thermal Coal Policy

We have updated our Thermal Coal Policy by …