Global markets have remained resilient, but the IMF warns that a combination of crowded AI investments, government debt pressures and cyber threats could test that confidence.

The International Monetary Fund is warning investors and policymakers against assuming that financial markets will remain stable simply because economic growth has held up.

In its latest Global Financial Stability Report, the IMF highlighted three connected risks: a potential correction in AI-related investments, higher government bond yields and increasingly serious cybersecurity threats.

The concern surrounding artificial intelligence is not necessarily that adoption will stop. Rather, investors may have priced in an exceptionally successful outcome for companies involved in the technology. If the returns from data centers, chips and AI software disappoint, valuations could fall even while the technology continues to develop.

Such a correction could spread beyond technology shares. Companies funding infrastructure expansion may face higher financing costs, while lenders and investors exposed to leveraged positions could experience additional stress.

Bond markets present another vulnerability. Heavy government borrowing, fiscal deficits and inflation concerns can push yields higher, increasing financing costs across the economy. Higher yields can also make existing bonds less attractive at their previous prices and reduce the relative appeal of equities.

Cybersecurity adds a different but potentially reinforcing risk. A significant attack against a critical financial institution or widely used software provider could disrupt operations, expose vulnerabilities and trigger losses across interconnected markets.

The IMF's warning is not a prediction that a crisis is imminent. It is a reminder that seemingly separate risks can amplify each other when investors are heavily positioned and financial conditions tighten.

For U.S. investors, the message is to examine balance sheets, valuations and sources of earnings growth instead of relying solely on the strength of the overall market.

What investors should watch: Treasury yields, AI capital-spending returns, corporate debt exposure and signs of stress among financial intermediaries.