Paul Quinsee

Investors should diversify away from concentrated US tech into international value stocks and European banks, which offer cheap valuations, strong earnings growth, and less AI exposure, with potential currency tailwinds.

Semiconductors continue to have strong fundamental support, with earnings multiples still in single digits and earnings momentum not yet peaking. Despite warning signs like elevated volatility and retail euphoria, the underlying drivers (frontier models, hyperscaler investment) remain intact. The trend is not over, so exposure should be maintained or watched closely.