Etter nye rekordnivåer tidlig i måneden ble de store teknologi- og AI-aksjene utsatt for en kraftig korreksjon. Markedet begynte å stille spørsmålstegn ved de enorme investeringene i kunstig intelligens og hvor raskt de vil generere avkastning. Den teknologitunge Nasdaq-indeksen falt over 5 prosent i lokal valuta, sin svakeste måned siden mars 2025, mens enkeltaksjer som Intel og Alphabet falt betydelig på skuffende resultater.

Hear Edison Lee elaborate on key questions surrounding the US-China AI race and what they could mean for investors.

Corporate earnings are booming, fuelled by massive AI investments, while rising bond yields have pushed global P/E valuations down to around 18x this year’s earnings. This represents a derating of roughly 20%, even as global equity markets have gained nearly 15%. Is this sustainable?

China’s state-backed hyperscale playbook is increasingly moving into frontier AI, potentially driving Western regulation on national security grounds. This could reshape the outlook for US hyperscalers, semiconductors and Chinese tech—against an already highly concentrated US equity market.

Morten Springborg, Global Thematic Specialist, explores the next phase of the AI race, from China closing the gap with the US to the rise of humanoid robots. With markets heavily concentrated around AI, he asks whether today’s massive investments can deliver the returns investors expect.