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House View Daily | Chip rout tests AI investment case
US stocks fell sharply on Thursday, led by semiconductor and AI infrastructure companies, as investors reassessed the implications of the election for data center development. We view the decline as a positioning reset rather than indicative of a lasting downturn in the AI investment cycle and see potential for gains in broad equity indices over the next 6-12 months. At the same time, with further volatility possible, investors should focus on managing concentration risks, rebalancing excessive technology exposure, and building a strong multi-asset core portfolio.
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