Claudia Panseri

Exposure to the AI theme should be selective, not through broad indices or sectors. Look for companies that are investing in AI and will see monetization of that investment, while avoiding those simply issuing bonds to fund capex without a clear path to returns. The semiconductor sector is a key area for this selective exposure.

The European bond market presents a good opportunity to reenter as an investor, especially for those not yet exposed to fixed income, because the market is pricing in too many rate hikes by the ECB. The ECB is expected to pause and not move rates into 2026-2027, and short-to-medium term bonds (3-6 years) offer attractive opportunities amid these rate expectations.

Exposure to the AI theme should be selective, not through broad indices or sectors. Look for companies that are investing in AI and will see monetization of that investment, while avoiding those simply issuing bonds to fund capex without a clear path to returns. The semiconductor sector is a key area for this selective exposure.