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.

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.