Global Equity Observer
When it seems there is only one game in town
07-Aug-2026
A narrow AI-driven rally is reshaping global markets, with a small group of stocks accounting for a growing share of returns. While supported by strong earnings, this concentration raises questions about sustainability and valuation. What does this mean for long-term investors? The International Equity Team explores the risks of crowding, the durability of AI-driven profits and the opportunities emerging beyond the current market leaders.