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Look Beyond AI to 'Textbook' Cyclical Recovery, HSBC Says

Bloomberg Technology
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HSBC’s chief multi-asset strategist warns investors are overemphasizing AI-driven market trends, potentially overlooking broader economic shifts. Max Kettner highlights a "textbook" cyclical recovery unfolding beneath surface-level AI hype. Smaller, manufacturing-heavy economies show measurable growth over the past two months, signaling a broader industrial rebound. Kettner’s comments suggest this recovery may outpace AI’s market dominance in driving long-term economic momentum. The analysis contrasts with recent AI-focused corporate moves, like Jack Dorsey’s Block cutting nearly half its workforce to double down on AI. This underscores diverging strategies between tech bets and traditional economic sectors. Nvidia’s underwhelming forecast—triggering a share slide—further illustrates AI volatility, reinforcing Kettner’s argument for diversified investment focus beyond tech. Cyclical sectors may offer steadier returns amid AI’s unpredictability. The remarks align with broader 2026 trends, where institutional investors like CalPERS downplay software exposure risks, prioritizing balanced portfolios over concentrated AI wagers. This reflects cautious optimism in non-tech recovery drivers.
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Feb 27th, 2026Look Beyond AI to 'Textbook' Cyclical Recovery, HSBC SaysMax Kettner, chief multi-asset strategist at HSBC Global Investment Research, says investors are too focused on the artificial intelligence trade. "We're probably missing that, under the hood, there is some proper cyclical recovery going on," Kettner tells Bloomberg Television. "The smaller, manufacturing-driven economies, all of them actually have been starting to see a real pickup in the last two months," he adds.Duration:3:38Greens Win UK By-Election in Blow to Starmer's LabourDaybreak: EuropeDuration:3:25Jack Dorsey's Block Plans to Cut Nearly Half of Workforce in AI BetDuration:0:52Anthropic Rejects Pentagon's Latest OfferDuration:2:58Hillary Clinton Says She Denied Ever Knowing Jeffrey EpsteinDuration:4:39Nvidia Shares Slide After Forecast Underwhelms InvestorsBusinessweek Daily Duration:1:35Rubio Says US to Investigate Deadly Cuba Speedboat ShootingDuration:9:14HK Government to Inject New Capital Into Investment FundDuration:8:51CalPERS 'Not Too Concerned' About Software Exposure, CEO Frost SaysAvailable on:Listen onApple TVListen onRokuListen onSamsung TVListen onFire TVListen onAndroid TVListen onRakuten TVListen onHaystack NewsWatch BTV in your area:Channel Finder

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Source: Bloomberg Technology

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