Agentic AI and the AI economy

AI is changing what markets reward as well as how investors work. The AI hardware rally has become a major driver of performance, particularly through companies linked to semiconductors, memory, servers, digital infrastructure and supply chains.

This is especially relevant for emerging markets, where parts of the technology ecosystem have played an important role in recent performance. The key investment question is whether the opportunity remains concentrated in a few large names, or is broadening into second-order beneficiaries.