Market attention has shifted from geopolitical risks to sharp movements in AI-related shares. Warren Buhai, Portfolio Manager in STANLIB’s Multi-Asset team, explains how AI investment affects economic growth, productivity, inflation and company earnings. US productivity has grown by 2.5% a year since 2022, although rising demand for inputs such as semiconductor chips may add inflationary pressure. The team assesses markets through six lenses: economics, valuations, momentum, liquidity, volatility and sentiment. Most remain positive. While global growth and equity fundamentals remain supportive, market concentration has narrowed the path ahead, and conditions can change quickly.