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.

Etter en urolig sommer hentet aksjemarkedene seg markert inn i august. De brede amerikanske indeksene satte nye rekordnivåer, og teknologi- og AI-aksjene overtok igjen ledelsen etter svakheten i juli. S&P 500 og Nasdaq fikk sine første månedlige oppganger siden mai, og Dow Jones-indeksen steg for femte måned på rad.

What is temporary, and what is sustainable? In our latest market update, Bo Knudsen, our CEO and portfolio manager, shares his perspectives on recent market developments and the long-term opportunities he sees across AI, trusted networks, and electrification.

Market leadership has been unusually narrow in 2026, with a small group of companies driving a disproportionate share of global equity returns.

Contrary to popular belief, what an active, fundamentally driven equity investor longs for most is not strong equity markets, but markets with breadth.