Nordnet says AI rally falters as investors demand returns on capital spending

• Nordnet’s July market analysis flagged a sharp rotation out of AI on rising demands for clear returns on invested capital.
• Big Tech capex plans from Alphabet, Tesla, Meta drew selling pressure as investors shifted toward cash-generative, capital-disciplined companies.
• IBM fell more than 25% in one session, viewed as a signal that firms are reallocating budgets to build in-house AI infrastructure.
• Middle East tensions lifted oil from USD 70 to above USD 100 a barrel late in the month, boosting commodity-heavy Oslo Børs as a portfolio hedge.
• Nordnet clients increased equity exposure through volatility, favoring defense names such as Kongsberg Gruppen for a second straight month.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Nordnet AB (publ) published the original content used to generate this news brief via Cision (Ref. ID: 202607310130BITN____UKPR__NO_20260731-BIT-3204-0) on July 31, 2026, and is solely responsible for the information contained therein.