Swissquote senior analyst Ipek Ozkardeska said broad indices and pension funds
are heavily tied to the AI theme: tech roughly 40% of S&P 500 market
cap, and three chipmakers account for more than 25% of MSCI Emerging Markets by
market-cap weight. She called AI a market “core pillar” and warned that if the
AI investment case falters it could trigger a marked equity correction. In the
near term she expects the US rally to remain supported by seasonal factors and
could extend through year-end, but downside risk would rise sharply if
confidence in the AI story slips.
