We don’t think the AI boom in equities is over

We don’t think the AI boom in equities has run its course, despite how far it has already come. We therefore expect the US stock market, in particular, to charge ahead over the rest of this year and next, with other tech-heavy markets – such as China’s – not too far behind. By contrast, we doubt government bonds, in general, will get much of a lift from what’s left of major central bank easing cycles. And we expect a near-term recovery in the US dollar, especially against European currencies, even if its still-high valuation might be a headwind over a longer horizon.