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Experts In-House: Artificial Intelligence

Event replay available from: October 27, 2026.

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On October 27, Christian Nolting, Global Chief Investment Officer was joined by Prof. Dr. Jacky Tang, Chief Investment Officer for Emerging Markets for an insightful discussion on the evolution of AI, along with key opportunities and challenges shaping the investment landscape including:

  • AI Development phases: The AI landscape is structurally transitioning from generative AI to “agentic” AI, and eventually toward “physical” AI.
  • Economic growth drivers: Where are we heading – from capital investment over labor change to productivity gains.
  • Market impact and Portfolio implications: Navigating opportunities and risks emerging across the broader AI value chain.

 

Key takeaways from the event include:

  • AI development: Agentic AI adoption and token consumption are accelerating, while models become more capable and cheaper; humanoids and AI-related cybersecurity remain emerging areas.
  • Economic effects: AI investment is already supporting growth, with near-term inflationary pressures but potential long-term productivity and deflationary benefits; labor-market effects might be broad, while some are still uncertain today.
  • Investment implications: AI remains a major market theme, but returns are diverging across the value chain, favoring infrastructure and semiconductor beneficiaries while pressuring vulnerable business models.

 

We hope you find the recording insightful and look forward to welcoming you live at our next event.

 

You can access the corresponding presentation here.

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