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 wheth

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.