Unpredictable 2026 and the Era of 'Everyone for Themselves': What Investment Strategy Should We Take? | Salman Ahmed, Fidelity International

Summary

Salman Ahmed of Fidelity International discusses an unpredictable 2026 shaped by geopolitical fragmentation, hard power, AI capex, and political pressure on the Fed. He favors diversified AI exposure across regions and the value chain, highlighting China tech, Korean semiconductors, and power-grid suppliers. He is bullish gold, bearish the U.S. dollar, and avoids crypto for long-term investment. He also expects tariffs to persist despite legal uncertainty.

• Geopolitical competition and hard power are framed as a long-term regime shift.
• The AI cycle remains real, but ROI concerns argue for diversified exposure.
• China tech, Korean semiconductors, and power-grid suppliers are cited as AI-linked opportunities.
• Gold is favored for central-bank buying and diversification.
• Crypto is viewed as a poor diversifier and unattractive for long-term investment at current levels.
• Fed pressure and expected rate cuts point to U.S. dollar weakness.
• Tariffs are likely to persist even if IEEPA is struck down; currency and policy uncertainty matter.