Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Edge, Chrome, Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser.

See how to update your browser

Investment Event

Tech jitters
24 November 2025
    Download the full reportPDF, 1.72MB

    Key takeaways

    • The recent pick-up in US tech stock volatility comes amid increased concerns over huge capex commitments. There may also be concerns that US economic growth is becoming increasingly lopsided
    • The narrative around AI – and the strong revenue generation potential that it brings – can remain a powerful driver of US stock market momentum
    • But given the ongoing uncertainty around the AI business model, episodic volatility in US stocks could become the norm in 2026
    • Geographically diversified portfolios may be the ideal route to maximising returns and limiting exposure to downside AI and US macro risks
    • We believe investors need to think more holistically around assets and strategies to build portfolio resilience