The main reason I’ve bought equities again
US stock valuations only make sense if you believe in AI
US stock valuations only make sense if you believe in AI

Many price/earnings ratios have fallen back to long-run averages

For the first time in two summers I’m uncomfortable with a zero weighting

Cautious comments from top bank executives add to jittery sentiment on Wall Street

Markets have shrugged off everything from geopolitics to financial crises

Interest in AI and defence tech start-ups has boosted investor activity after a prolonged slowdown

Investors hunt for winners in market that for years has lagged behind Wall Street’s rally