00:00How are you thinking about AI stocks at this point? Are you still leaning into the AI trend
00:04as a key engine? Are you being more selective within the AI space?
00:10We're turning more selective. Actually, what we identified is the entire value chain of AI
00:17with the up stream, mid stream, and bottom stream, where, for example, Europe can take the lead.
00:26And in this evolution of the AI trade, maybe it's better to be selective, as we said,
00:34including in Asia, and focus more on those that can deploy most of the value, meaning the bottom stream.
00:46Yes, and where does that leave Europe then, Monica? What are the kinds of sectors that you lean into,
00:51if that is your intention? Well, definitely industrial is going to be a key sector because
00:59of its weight on the market. And because this is the sector where we have the AI enablers. And this
01:08is where we think the value and the performance might come from. It has been lagging a little bit
01:16behind versus the upstream. So this is where the opportunity sits. Beside that, we have also
01:24the defense sector, the financial sector, the healthcare. So there is more a sector's story
01:31than really a beta trade that we expect for the reminder of the year. And this is where Europe
01:39might be well-positioned.
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