Howard Marks: CNBC The Exchange (2026)

Howard Marks, co-founder and co-chairman of Oaktree Capital, evaluates current market volatility and the profound uncertainty surrounding artificial intelligence. He characterizes AI as a uniquely unpredictable technological shift, making it difficult to forecast long-term profitability or identify specific winners. While Marks remains cautious about lending to unproven AI ventures, he identifies physical infrastructure—specifically data centers and power generation—as more stable investment opportunities. He asserts that market corrections are healthy, serving as a necessary check against irrational exuberance rather than a signal for central bank intervention. Furthermore, he maintains that the era of ultra-low interest rates is over, suggesting that investors should prioritize disciplined, value-oriented strategies. Ultimately, human judgment remains the critical differentiator in leveraging AI tools to reach superior investment conclusions, as the industry remains in the early stages of this business cycle.