The innovation wave behind the equity rally goes beyond AI: quantum computing and advanced semiconductors are becoming strategic assets, and AI adoption is rising across industries. The shift is global — China’s innovation and supply chains, Taiwan’s chip leadership, India’s IT services role and AI‑related capital goods in Europe. In 2026, leadership should broaden from chips to power and grids, with Europe and Japan re‑rating via capital returns and capex. As US markets are already highly AI‑concentrated, investors should play tech globally and diversify into low‑correlated themes such as global financials, Japan governance trades, European defence and small-mid cap stocks.

AI & tech: redefining the global economic landscape

Artificial intelligence (AI) and related technologies have become core drivers of capex and corporate earnings, reshaping the structure of the economy worldwide. We believe that in the second half of this decade, they will fuel a new capital expenditure cycle aimed at boosting productivity in ageing societies and preserving competitiveness amid geopolitical tensions. Beyond AI, quantum computing and advanced semiconductors are becoming strategic assets.

Although direct AI investment is still modest (around 1% of US GDP), it is triggering significant second‑round effects: higher demand for hardware and software, faster obsolescence, greater energy use and rising infrastructure needs. As AI is integrated across industries, its impact will extend well beyond tech while varying regionally.

You can now read the full whitepaper at the link below