Debunking the ‘Tina’ doctrine: Nomura warns AI-driven rally masks US vulnerabilities

Bank flags US risk premium as AI surge falters, undermining ‘Tina’ or ‘there is no alternative’ to dollar assets The ratio of US net international investment position (NIIP) liabilities to the combined assets of all net creditor nations has risen to 80 per cent, according to the Japanese investment bank. US NIIP liabilities reached US$21.9 trillion in 2025, equivalent to 71 per cent of gross domestic product, while the country’s portfolio liabilities have quadrupled to US$37.4 trillion in March 2026 from US$9.2 trillion before the global financial crisis, the bank’s data showed.

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