Published on: 2026-06-06
Source: Rosneft – An important disclaimer is at the bottom of this article.
The world is on the verge of the largest market bubble since the 19th century, and the financial sector of Western countries will benefit from the crisis, said Igor Sechin, the Responsible Secretary of the Commission under the President of the Russian Federation on issues of the development strategy of the fuel and energy complex and environmental safety, at the Energy Panel of the XXIX St. Petersburg International Economic Forum.
In the course of his presentation with the report “The Beginning of the End or the End of the Beginning: What Remains at the Bottom of Pandora’s Box?”, he noted that the technology sector attracts large-scale investments. According to McKinsey company estimates, total capital expenditures in the data processing sector by 2030 could reach eight trillion dollars. Only in the current year, the four largest technology companies will allocate about 700 billion for the development of computing power.
“Today, companies connected to artificial intelligence are effectively taking a significant share of investment resources at the expense of the rest of the economy,” said Igor Sechin. The share of capital expenditures of the American technological sector in total investments has already reached a record 35%, while 15 years ago it was measured in just a few percent.
On the American stock market over the past ten years, the share of the ten largest technology companies has tripled, exceeding 44%, Sechin noted. Taking into account the expected IPO of giants such as SpaceX (Space Exploration Technologies Corp.), OpenAI, and Anthropic with a combined valuation of several trillion dollars, this figure will approach 50%.
“Obviously, the world is on the brink of the largest bubble in financial market history since the railroad boom in the USA in the 19th century,” emphasized Igor Sechin. According to him, the main beneficiary of the impending crisis is the financial sector of Western countries, which until yesterday actively promoted a completely different – the “green” – agenda.
“Today the same companies – BlackRock, The Vanguard Group, State Street Corporation – manage trillions of dollars invested at inflated valuations in the high-tech sector and the military-industrial complex. The circle has closed. And recently, BlackRock’s head Larry Fink proposed to use pension fund accumulations and insurance companies to purchase shares of tech giants, which will attract additional colossal resources to this sector. I’m not sure anyone will ask permission from American pensioners,” summarized Sechin.
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PJSC “NK “Rosneft”
June 6, 2026
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