AI is fast turning into an asset allocation story, not just a technology story

For much of the last two years, investors have viewed artificial intelligence through the lens of technology stocks. The narrative has been dominated by a relatively small group of mega-cap companies leading the AI revolution, from US hyperscalers investing billions into AI infrastructure to the semiconductors that power them. Strong earnings growth among these companies has helped justify elevated valuations and driven much of the recent equity market rally. The secular case, though, has never really been about those companies. It's about adoption and productivity, and on that mea...