Saxo Bank chief investment strategist Charu Chanana said US equity gains are
concentrated in a few tech giants, raising market risk. A setback in AI-related
stocks could push indices lower, prompt portfolio de-risking and curb AI
infrastructure spending, but would not automatically trigger a full bear market.
If earnings remain resilient and growth holds, investors could rotate into
healthcare, select financials and industrials—especially more attractively
valued names. The key question is whether AI weakness leads to sector rotation
(broader participation among advancing stocks) or to widespread selling across
industries, which would indicate a market-wide risk-off.
