Artificial intelligence remains the key driver of global equity performance, according to Robeco’s latest Equity Outlook. Despite a mixed macro backdrop, investment linked to AI continues to underpin earnings growth and capital expenditure, particularly in the U.S.
The asset manager highlights that around 80% of S&P 500 earnings growth and roughly 90% of capex expansion since late 2022 have stemmed from AI-related activity. This concentration has created a “two-speed” economy: while tech-enabled sectors thrive, the broader market shows signs of stagnation.
Robeco also points to China, where AI and cloud infrastructure investment—estimated at more than $100 bn—is boosting confidence across emerging market equities.
The outlook concludes that AI continues to carry the torch for equities, offering selective opportunity but also heightening divergence between market leaders and laggards.
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