Royal Bank of Canada: The US dollar index is expected to rise to 104 by the end of the year, while the euro is expected to fall to 1.11.

A recent study published by IE University in Spain shows that as global geopolitical alliances continue to evolve, sovereign wealth funds are placing greater emphasis on national strategic objectives. Beyond pursuing investment returns, these funds are now focusing more on strategic areas such as resilient infrastructure development and the growth of key domestic industries. The study points out that sovereign wealth funds managing over $15 trillion in assets are increasingly investing in artificial intelligence. This is because governments are gradually viewing AI and semiconductors as strategically important core assets. “The world is becoming more fragmented,” said Javier Capappe, editor of the report and head of sovereign wealth research at IE University. “Governments are increasingly using sovereign wealth funds to execute national strategies and establish a stronger position in global value chains.” The study also shows that sovereign wealth fund investment trends are shifting towards larger-scale transactions. While the number of direct investment transactions decreased by 17% from the previous report to 391, the total investment amount increased significantly by 91% compared to 2024, reaching $404 billion. Capappe stated that AI-related investments account for about one-third of the investment amount tracked in the study. Companies like Stargate, OpenAI, and Databricks have attracted funds from sovereign investors with a long-term investment perspective. The study also shows that the US attracted the largest share of investment, at $220.4 billion, thanks to its heavy investment in AI. However, Capapé points out that the study only captures "the tip of the iceberg" because many sovereign wealth fund investments are not publicly disclosed. The report tallies publicly disclosed direct investments in the 18 months leading up to December 2025. Energy-rich countries—including the Gulf states and Norway—are major investors. But in terms of the number of deals, Singaporean investment firm Temasek leads with 71 transactions.

Cambricon shares fell by more than 5%.