Equity hot topics: Concentration, valuation and AI

One market trend we’ve observed is that a lot of performance has been concentrated in just a few stocks — the so-called “Magnificent 7.” Do you think this will continue?
When we see that kind of concentration of performance (Alphabet, Amazon, Apple, Meta
Platforms, Microsoft, NVIDIA and Tesla), we don’t believe it’s likely to be sustainable. But that doesn’t mean we’re not going to take advantage of it.