Equity markets experienced a sharp drawdown, with software stocks at the epicentre. Results from ServiceNow, SAP and Microsoft were fundamentally solid, but growth rates came in marginally below expectations (around 1%). More importantly, however, they showed no near-term acceleration. In the current market environment, this lack of acceleration proved sufficient to trigger a software-wide sell-off, with large-cap names falling more than 10% and correlations across the sector spiking sharply.

Innovation drives earnings, and earnings drive stock prices. It is a simple yet powerful conviction has underpinned our DPAM Equities NEWGEMS Sustainable strategy since its inception. We break down why we believe this multi-thematic approach is ready and able to capitalise on the next phase of global growth.

Everyone is asking the same question: is AI the new dot-com bubble? Stock prices are climbing, headlines are growing louder, and the hype is hard to miss. But under the surface, this cycle does not necessarily behave like a bubble that’s ready to burst. It looks much more like the early days of smartphones or cloud computing: large-scale adoption, real productivity gains, and hard physical bottlenecks that prevent oversupply.