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A smaller and smaller share of all tech jobs in the US are in California, see chart below.
Note: Tech jobs are defined as total employment across (1) computer systems design and related services; (2) computer and electronic product manufacturing; (3) software publishers; (4) computing infrastructure providers, data processing, web hosting and related services; (5) media streaming distribution services, social networks and other media networks and content providers, and (6) web search portals, libraries, archives and other information services. Sources: US Bureau of Labor Statistics (BLS), Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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The current debate about electricity prices is misguided. Inflation in electricity prices needs to be compared with inflation in the overall CPI, and over the past decade, electricity prices have increased exactly as fast as the overall price level in the economy, see chart below.
Sources: US Bureau of Labor Statistics (BLS), Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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Since the beginning of the year, profit margins have increased for the Magnificent Seven and declined for everyone else, see chart below.
Sources: Bloomberg, Apollo Chief Economist See important disclaimers at the bottom of the page.
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The weekly data for bankruptcy filings shows a clear downtrend in recent months, see chart below.
Note: Filings are for companies with more than $50mn in liabilities. For week ending on October 28, 2025. Sources: Bloomberg, Apollo Chief Economist See important disclaimers at the bottom of the page.
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The number of publicly listed companies has declined by 50% since the mid-1990s, and there is a rising trend in the number of public companies that are taken private, see chart below.
Data as of October 13, 2025. Note: 2025 numbers are annualized. Sources: PitchBook, Apollo Chief Economist See important disclaimers at the bottom of the page.
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Global investment in clean energy is rising, and Europe is accounting for the biggest share, see charts below.
Sources: IEA, Apollo Chief Economist 
Sources: IEA, Apollo Chief Economist 
Sources: European Environment Agency, Apollo Chief Economist See important disclaimers at the bottom of the page.
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Hyperscalers are currently spending a record high 60% of their operating cash flow on capex, see chart below.
Sources: Bloomberg, Apollo Chief Economist See important disclaimers at the bottom of the page.
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There are about 5,500 data centers in the US, and in Germany there are 529, see chart below. The bottom line is that the rest of the world is far behind the US when it comes to AI.
Note: Data as of March 2025. Sources: Statista, Cloudscene, Apollo Chief Economist See important disclaimers at the bottom of the page.
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High yield index duration has declined significantly for three reasons:
1) After the Fed raised rates in 2022, and the entire yield curve shifted higher, issuers became reluctant to lock in high coupons for extended periods, instead opting for three- to five-year maturities.
2) Stronger balance sheets and upgrades have raised the average credit rating for high yield, indirectly reducing duration because higher-quality issuers usually issue shorter-term paper, see the second chart.
3) Higher yield levels compress duration mathematically, and a bond’s modified duration declines as its coupon rises, even if the maturity structure is constant.
Note: The measure used is modified duration, which measures the expected change in a bond’s price to a 1% change in interest rates. Sources: Bloomberg, Macrobond, Apollo Chief Economist 
Sources: ICE BofAML, Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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Twenty percent of mortgages outstanding have an interest rate above 6%, see chart below.
Sources: Federal Housing Finance Agency (FHFA), Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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