China’s state-backed hyperscale playbook is increasingly moving into frontier AI, potentially driving Western regulation on national security grounds. This could reshape the outlook for US hyperscalers, semiconductors and Chinese tech—against an already highly concentrated US equity market.

Morten Springborg, Global Thematic Specialist, explores the next phase of the AI race, from China closing the gap with the US to the rise of humanoid robots. With markets heavily concentrated around AI, he asks whether today’s massive investments can deliver the returns investors expect.

Global manufacturing has entered a new regime. Electrification is intensifying as a structural driver of energy demand, industrial investment and geopolitical leverage – reshaping not just energy markets, but industrial power.

The transition from a unipolar to a multipolar world order – exemplified by simultaneous conflicts in Ukraine and the Middle East – underscores the strategic imperative of abundant energy and large manufacturing capacities.

The US-led global order of Pax Americana is being rebooted by the Trump administration and replaced by a multipolar world.