Swissquote senior analyst Ipek Ozkardeska said broad indices and pension funds are heavily tied to the AI theme: tech comprises roughly 40% of S&P 500 market cap, and three chipmakers account for more than 25% of MSCI Emerging Markets by market-cap weight. She called AI a market “core pillar” and warned that if the AI investment case falters it could trigger a marked equity correction. In the near term she expects the US rally to remain supported by seasonal factors and could extend through year

Swissquote senior analyst Ipek Ozkardeska said broad indices and pension funds are heavily tied to the AI theme: tech comprises roughly 40% of S&P 500 market cap, and three chipmakers account for more than 25% of MSCI Emerging Markets by market-cap weight. She called AI a market “core pillar” and warned that if the AI investment case falters it could trigger a marked equity correction. In the near term she expects the US rally to remain supported by seasonal factors and could extend through year-end, but downside risk would rise sharply if confidence in the AI story slips.