Caroline Hyde

She's a global market strategist at JPMorgan Asset Management and has $4 trillion in assets under management.

$4 trillion, rather similar to the market capitalizations of some of these companies.

And I'm interested, Stephanie...

Does it matter to you from a market sentiment perspective if there's squabbling at the top of the U.S.

domiciled companies?

Is it a worry that we'll see perhaps NVIDIA being questioned in terms of its dominance?

I think it's quite healthy.

We've seen the AI trade has delivered enormous returns for markets over the last two years.

And we're...

I think all kind of experiencing this sigh of relief or this exhale, I guess, in a way.

We've moved from a rising tide lifting all boats to more choppier waters and investors are being far more scrutinizing when it comes to how much is being spent, the quality of those investments.

We're seeing as this AI trade continues to grow in its enormity.

the investment being made, and such questions and shifting.

So I think it's quite healthy that we're focusing on selectivity.

I mean, this is what you want to see to prevent a dot-com bubble.

And when looking at valuations today, we don't really see a big risk of that happening amongst the big tech firms.

So even these worries about debt in particular, and you are coming to us with a viewpoint that is cross-asset in many ways, we have seen a real desire to get into AI-related debt.

Some of the bond sales that come from the likes of Alphabet and the likes of Meta and Oracle have been scooped up.

But there's been this worry that in the longer term, it might start to...

maybe pull back on overall demand?