ING strategist Jan Frederik Slijkerman says tech investors are re-evaluating AI
exposure despite AI remaining a positive long-term driver. He expects tech
companies’ EBITDA to rise but notes persistent investor nervousness. Higher
infrastructure spending will lift depreciation and reduce stock buybacks, which
could slow EPS growth and compress valuation multiples. Revenue upside from AI
may take time to materialize, keep free cash flow below prior years and
narrowing scope for large buybacks as a form of shareholder return.
