Market Highlight 26.06.2026

The boom in AI data centers has pushed up prices of power components and equipment, igniting a third wave of inflation in the U.S. President D. Trump’s trade war has cooled, while gasoline prices have fallen back after the temporary U.S - Iran agreement was signed. But inflation now has a new catalyst: the rapid buildout of Artificial Intelligence infrastructure in the U.S is beginning to drive up prices across a wide range of categories. The amount of capital flowing into the AI race is at an unprecedented level, with the top 5 leading companies reaching more than 741 billion USD this year, up nearly 75% from last year. Spending on AI infrastructure construction is estimated to reach around 8 trillion USD by 2032. According to the U.S Department of Labor, consumer prices for software and computer accessories rose by around 15% YoY in May. As new data centers come online, electricity demand is also rising, meaning consumer electricity prices are expected to increase by around 6% per year this year and next. The inflationary impact of artificial intelligence infrastructure buildout could be very different from the impact of tariffs last year or the surge in fuel prices this year. Both tariffs and oil prices are short-term shocks that lead to higher prices, while the AI infrastructure boom affects demand and could last for many years.

The U.S Department of Commerce said last night that the personal consumption expenditures (PCE) price index rose sharply by 4,1% in May, the largest increase and the first time it has exceeded 4% since April 2023. U.S GDP growth was revised up to +2,1% in Q1/2026, higher than the previously reported +1,6%, while consumer spending growth was lowered to 0,5% from the previous 1,4%.

Domestically, interbank USD/VND fell by around VND15 yesterday and traded at 26.320 by the end of the afternoon session.

Please contact the nearest Asia Commercial Joint Stock Bank's branch to receive information and consultancy if you are in need of making any foreign exchange and derivatives transactions.

Asia Commercial Joint Stock Bank assumes no responsibility or liability for any purpose of reference or using the information provided by this newsletter.

Directly contact us to receive market news and consultancy on foreign exchange products and derivatives:

- Financial Markets Division – Email: ktttc@acb.com.vn ; or

- Mr. Khanh Hoang (Financial Markets Senior Analyst) – Email: hoangnk@acb.com.vn