Jennison's Raj Shant, PGIM's Guillermo Felices and PGIM's Morgan Laughlin argue the tech sell-off reflects a healthier, more selective AI build-out rather than a demand collapse. They see power, permitting and political constraints slowing capex without derailing underlying compute demand or the broader economy.
6 NOVEMBER 2026
Aegon Asset Management's Colin Finlayson argues bond yields have fallen from multi-year highs as markets pivot focus from inflation to growth risks, prompting him to add duration to Strategic Bond funds since late September.
Schroders attributes the sharp tech-led equity sell-off to fears that a Democratic midterm win could slow AI infrastructure spending, but argues the structural AI case remains intact despite near-term volatility. It favours resilient equity exposure, higher-quality US stocks, and diversification via government bonds and alternatives.
Capital Group strategists including Matt Miller, Diana Wagner, Tom Hollenberg and Cheryl Frank argue Democrats' midterm sweep will constrain Trump's tariff and tax agenda but won't curb deficits, healthcare debates or AI-driven economic resilience.
JPMorgan Asset Management estimates the five major US hyperscalers face a combined $1.1 trillion external financing gap for AI infrastructure, creating expanding credit opportunities but requiring careful security selection as leverage and structural complexity rise.
J.P. Morgan Asset Management argues emerging market debt has proven more resilient than expected, citing improved fiscal balances, reserve buffers and flexible exchange rates. It favours duration and selective credit exposure but stresses country differentiation remains essential.
Anthony Willis argues that the Democrats' sweeping midterm victory, alongside easing Iran tensions and a Bank of England rate hike, creates a backdrop where political gridlock should support markets despite AI-stock volatility. He notes markets have historically decoupled from political noise provided earnings growth and economic fundamentals remain solid.
Columbia Threadneedle outlines a SURPLUS framework to help UK defined-benefit trustees and sponsors assess governance and investment readiness for running on pension schemes rather than buying out, aiming to protect members while unlocking surplus value.
Natixis's Jack Janasiewicz and Brian Hess detail October model-portfolio trades—raising equity overweight, adding Treasury duration, and shifting to direct AI exposure via XLK and SOXQ—while arguing narrow AI-driven leadership could broaden if slowing CapEx financing lowers yields.
