Description
In our H2 2026 equity outlook, Nawaf AlNaqbi, Head of Equity Strategy, sets out the call. Markets run on earnings, and the engine is still the AI buildout, with cloud giants spending around three quarters of a trillion dollars this year. But the equity risk premium is the thinnest since the late 1990s, so the answer is not less exposure but sharper exposure: upstream into the bottlenecks of the buildout and into select structural themes beyond AI. We remain constructive for the rest of the year.
Watch the video for more insights.