John Normand, head of investment strategy at Australia's largest pension fund AustralianSuper, revealed that the fund is planning to reduce the allocation ratio of global stocks next year because there are signs that the artificial intelligence boom in the US stock market may be gradually cooling down. The fund points out that, on the one hand, the valuation of large US technology companies is already high compared to historical levels; on the other hand, the scale of leverage used to invest in artificial intelligence is expanding “rapidly”. At the same time, the pace of fund-raising through mergers and acquisitions, venture capital, and public listing is also accelerating. “I have noticed that multiple factors are building up, which means we will reduce the allocation ratio of public shares at some point next year.” Normand said. “This is an inevitable result of the artificial intelligence cycle entering maturity, which interacts with the two major trends of the Federal Reserve's shift to austerity policies in 2027.”

John Normand, head of investment strategy at Australia's largest pension fund AustralianSuper, revealed that the fund is planning to reduce the allocation ratio of global stocks next year because there are signs that the artificial intelligence boom in the US stock market may be gradually cooling down. The fund points out that, on the one hand, the valuation of large US technology companies is already high compared to historical levels; on the other hand, the scale of leverage used to invest in artificial intelligence is expanding “rapidly”. At the same time, the pace of fund-raising through mergers and acquisitions, venture capital, and public listing is also accelerating. “I have noticed that multiple factors are building up, which means we will reduce the allocation ratio of public shares at some point next year.” Normand said. “This is an inevitable result of the artificial intelligence cycle entering maturity, which interacts with the two major trends of the Federal Reserve's shift to austerity policies in 2027.”