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Daily Update — March 25, 2026

Energy Expansion Shift; Minerals at a Crossroads; and AI’s Private Credit Disruption

Today is Wednesday, March 25, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Energy Transition & Sustainability

Listen: Morten Wierod, ABB, on the Shift from Energy Transition to Energy Expansion

 

The energy transition is increasingly becoming an energy expansion, as electrification, industrial growth and AI-driven demand accelerate the need for reliable electricity. In this episode of the “CERAWeek Podcast with Atul Arya,” ABB CEO Morten Wierod  discussed how rising power demand is reshaping priorities for grids, infrastructure and industrial systems worldwide.

 

The conversation highlights why grid resilience is emerging as a national security issue, illustrated by the 2025 blackout in Spain and Portugal that left 65 million people without power. With electricity driving economic activity, reliable grids have become critical infrastructure priorities.

Global Trade

Listen: Critical Minerals at a Crossroads: Navigating Supply, Demand, and Geopolitics

 

As the global transition to clean energy, advanced technology and AI accelerates, the demand for critical minerals — including copper, lithium and rare earth elements — is reshaping supply chains and intensifying geopolitical competition. In this episode of “The Decisive” podcast, host Kristen Hallam led a discussion with S&P Global Market Intelligence experts to examine the landscape of critical minerals.

 

The panel explored how changing definitions, trade flows and strategic stockpiling are influencing businesses and governments worldwide. Senior Supply Chain Analyst Eric Oak discussed the complexities of critical mineral classifications and shifting global trade patterns. Senior Economist Jason Kaplan provided insights into price volatility, procurement strategies and the tightening supply-demand balance for copper. Carla Selman, head of Latin America country risk, analyzed Latin America’s strategic role in the minerals sector and the impact of regional politics and alliances. Economist David Vagenknecht offered a European perspective, focusing on the EU’s ambitions for strategic autonomy, challenges in domestic processing, and the balance between environmental leadership and resource security.

Private Markets

CreditWeek: To What Extent Will AI Disruption Hit Private Credit?

 

New AI products capable of automating complex workflows and executing tasks across a variety of job functions have escalated uncertainty over whether the technology will augment or replace existing software. Markets have reacted with sharp declines in software companies' loans and stock prices, made more notable by the sector's historically high starting valuations. This pressure is expanding to private credit funds, many of which hold substantial exposures to software entities.

 

Exposure to the software sector accounted for about 20% of total loan assets managed by business development companies and interval funds as of the third quarter of 2025. The sectors affiliated with software, namely IT services and healthcare technology, accounted for an additional 8%.

In case you missed it

  • S&P Global Market Intelligence Kagan expects the Asia-Pacific pay TV industry to remain broadly stable over the coming years. Subscriber losses in developed markets, driven by intensifying streaming competition, are partially offset by continued growth in select emerging economies.
  • In a move not seen in over a decade, China's top economic planner has capped domestic fuel price increases, absorbing a significant portion of the surge triggered by the Middle East war.
  • The seven Colorado River basin states missed a Feb. 14 deadline to agree on new water-sharing rules, jeopardizing the Oct. 1 finalization of a replacement framework for expiring guidelines.

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