Introduces theme of tech rebound and asks if momentum is sustainable or just a short squeeze.
Joumana Bercetche
Shardar Mimo Shou
Two spaces in tech: Mag 7 rallied on strong Alphabet bond demand; software side heavily shorted saw some covering. AI will create distinction between software winners (platforms/robots benefiting from more AI agents) and losers (human-interaction software like CRM).
Asks about geographic diversification beyond US.
Joumana Bercetche
Shardar Mimo Shou
Rotation/rebalancing is big theme: emerging markets outperforming US (Asia as AI play, Japan on Takaichi trade); within US, value and small caps outperforming large caps.
Asks about European opportunities and impact of strong euro.
Joumana Bercetche
Shardar Mimo Shou
Europe has HALO trade (heavy assets, low obsolescence) in sectors like consumer staples, energy, materials. If euro weakens vs dollar, could be tactical opportunity in sectors hurt by strong euro (e.g., luxury).