AI: victors, vulnerabilities and value

The AI investment story is evolving beyond today's market leaders. Economist Matthew Rodger and Portfolio Manager in our Active Equities team Ewan Bowerbank discuss whether open-weight models could change where value accrues, the growing importance of energy and infrastructure, and how geopolitics and regulation could shape AI's next phase.

They explore what this means for investors, including the case for diversification across the AI ecosystem, managing valuation risk and identifying potential beneficiaries beyond technology.

This podcast was recorded on 21 September 2026.

All data is sourced from Bloomberg as of 21 September 2026 unless otherwise stated.
 
For professional investors only. Capital at risk. Securities mentioned for illustrative purposes only.

Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecast will come to pass.

It should be noted that diversification is no guarantee against a loss in a declining market.