Darius McDermott: Have megatrends changed the game?

Disruptive forces are at work in the global economy. The AI trade is the most obvious, which threatens to polarise markets into winners and losers, but demographics, energy and commodities are also influential megatrends that could change outcomes for companies. To what extent are these megatrends dictating returns in global stock markets? AI has created a lot of market noise, accounting for a significant share of the market's gains over the past 12 months. It has helped power equity returns in the face of considerable geopolitical disruption. It has also dictated the market's weak spots...