Market Signals: The market is starting to differentiate
Nick Schoenmaker | Portfolio Construction | 12 July 2026 | 0.25 CE
For much of the past two years, markets have rewarded participation. Investors were rewarded for owning artificial intelligence, funding artificial intelligence, building artificial intelligence infrastructure and allocating capital toward virtually every part of the technology ecosystem. The dominant question was simply how large the opportunity could become.
That question is evolving.
Markets remain optimistic about artificial intelligence. Capital expenditure continues rising. Data-centre construction continues expanding. Semiconductor demand remains...