News & Insights

While the long-term outlook for AI remains compelling, the increasing reliance on external financing, elevated valuations and unprecedented market concentration suggest investors should distinguish between AI’s structural opportunity and the cyclical risks embedded in current expectations.

Turning to the likely longer-term implications of the conflict in Iran on energy markets: this war, together with Russia’s ongoing invasion of Ukraine, highlights the chokepoints in the energy system.

After powering equity markets, AI investment may be nearing an inflection point as scaling frontier models demands unprecedented capital. This video explores the implications for valuations, balance-sheet risk, and the opportunities for value investors.