POSITION

The stock market is currently sending mixed signals to investors. On the one hand, there are the large US technology companies, which now represent more than 40 per cent of the US equity market and are driving advances in artificial intelligence through annual investments running into the hundreds of billions of US dollars. The associated expectations for growth are high, and equity valuations are, in some cases, elevated, leaving little room for disappointment. Whether these vast investments will ultimately pay off remains uncertain.