The euphoria that carried AI stocks to unprecedented heights has given way to a darker question: what happens when the technology we’ve celebrated begins to displace us? This shift in sentiment, coupled with a landmark Supreme Court ruling that redrew the boundaries of executive trade authority, created a volatility cocktail that tested every portfolio manager’s conviction.

Then, just as markets were digesting these developments, geopolitical tensions in the Middle East flared dramatically, sending shockwaves through energy markets and forcing us to recalibrate risk across all asset classes.

What emerged from these converging forces is a market in transition, where yesterday’s winners face existential questions, and where the interplay between technology, policy, and geopolitics has never been more complex.

The pages that follow will guide you through the anatomy of the “AI scare trade“, decode the tariff recalibration and its uneven winners and losers, and explore how the Iranian conflict is stress-testing both portfolio construction and central bank resolve.
We wish you a pleasant and insightful read.