00:00Christian, what do you do with AI right now?
00:01I mean, this is the next thing.
00:03I mean, we ask every day whether it's in a bubble
00:05or whether actually valuations and fundamentals make sense for it.
00:09I would say that the market has traded AI relatively evidence-based.
00:14So especially in the U.S. in the last year or so,
00:16it's been very much driven by earnings, less driven by valuations.
00:20Actually, outside of the U.S., we have to say, though,
00:23in Asia tech, valuations have been a big driver.
00:25So that explains maybe why also Asia tech has suffered a bit more in the last few days.
00:30But I would say that the market has been evidence-based.
00:33The problem is the AI CapEx evidence is starting to be a bit more mixed.
00:38Like, do we want more AI CapEx spent?
00:40Do we want less AI CapEx spent?
00:41The market hasn't made up its mind.
00:43Certainly, the earnings season seems to behave like that.
00:46So it feels like AI CapEx cannot really drive the equity market as much anymore.
00:50And we've been saying that in our outlook as well.
00:52It's now about the applications and the adoption
00:55and what our U.S. treasures have highlighted
00:57is companies are starting to mention the cost savings from AI.
01:01And if you get more and more of that news flow,
01:04that could potentially drive another wave.
01:06But it's very different companies that are potentially winning.
01:08It might actually be the companies that are using AI
01:11that are rewarded for that.
01:13So I hope so.
01:13That's the way I hope that quality is being controlled.
01:16So, let's get started.
01:17So, let's get started.
01:18So, let's get started.
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