Equity markets are not just about AI

There is a lot of talk about a possible artificial intelligence bubble and it is often compared to the Internet bubble of the late 1990s and early 2000s. There are a lot of similarities, but also differences.

And I recognize that for some of the values ​​that depend on AI, we value them on the basis of very high expectations and we anticipate an optimistic scenario. At the same time, even if this sector in itself is not particularly cheap, there are also values, particularly related to infrastructure, which are still trading at acceptable valuations.

 

What will be the two or three key macroeconomic indicators you will be monitoring over the coming months, and why?

Among the macroeconomic indicators that we will be attentive to in the coming quarters, there is a possible drop in interest rates around the world, inflation and their repercussions on consumers and their type of consumption. Why is this important? Lower interest rates stimulate the economy, but also have a positive influence on the valuation of stock markets. Inflation is high. It impacts business spending and, above all, it influences consumption, particularly in the United States, because the American consumer remains an important engine of growth.

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