On his investment website, Zsiday Viktor warns that a significant reshuffling of global capital markets is under way, driven by fiscal financing needs, infrastructure spending tied to artificial intelligence (AI), and potential initial public offerings (IPOs) of large private tech companies. According to Zsiday, these combined demands for capital may absorb substantial amounts of liquidity from the system.
Key points from Zsiday
Zsiday frames the discussion around the balance of savings and investment. He notes that the household saving rate in the United States is currently very low, which increases vulnerability in the event of an economic slowdown: a weakening labor market or rising unemployment could quickly lead consumers to cut spending and build reserves, potentially deepening a recession in a self-reinforcing way.
By contrast, households in Europe — including Hungary — hold relatively larger buffers, so an improvement in consumer sentiment could channel accumulated capital back into markets and have a noticeable stimulative effect on the economy, he writes.
(He cites data sources in his piece: the U.S. saving rate from FRED, and average household saving rates for France, Germany and the euro area from Eurostat-based Bank of Finland compilations, presented on his site.)
Which forces are sucking up liquidity?
Zsiday singles out two newly prominent, highly capital-intensive developments that increase the risk of a liquidity squeeze:
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A wave of construction for AI-serving data centers. He points to a strategic shift in the tech sector: companies that previously repurchased shares are now seeking fresh capital. For example, Alphabet (the parent company of Google) is reportedly issuing new shares to raise funds, and Oracle’s large-scale investments have pushed up its bond yields, signaling growing investor concern. Zsiday argues these real-economy investment pressures can draw in nearly all available liquidity.
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The expected public listings of formerly private giants such as SpaceX, Anthropic and OpenAI. While IPOs themselves require significant funding, the main strain will come when early-stage large investors start selling stakes on the open market. If that happens at scale, it could withdraw fresh capital from markets on the order of trillions of dollars — Zsiday uses the phrase “ezermilliárd dolláros nagyságrend” (trillions of dollars) to characterize the potential magnitude.
(His analysis also references the evolution of SpaceX’s valuation based on corporate filings and includes charts hosted on the Zsiday Viktor investment site.)
Consequences: real rates, saving and liquidity
Zsiday’s central argument is that this enormous global demand for capital can be financed only alongside rising real interest rates. Higher real rates would encourage saving across households and firms, which in turn would remove liquidity from capital markets.
He suggests the first signs of this process are already visible in the weakening prices of assets that depended heavily on abundant liquidity and had limited fundamental support, such as some precious metals and cryptocurrencies. As free capital tightens, the likelihood of sharper selling waves on equity markets increases.
Conclusion
According to Zsiday Viktor, the combination of fiscal financing needs, AI-related investment and the potential IPOs of large private tech companies could create a scale of capital demand that strains current liquidity conditions. Financing that demand would likely require higher real interest rates, reducing the funds available for risk assets and raising the risk of more pronounced sell-offs on stock markets.
Related items on the source site: 2026-06-05, 2026-06-09.
