Foreign Institutions Speak Out: Inflection Point in AI Capital Expenditure Emerges

Recently, AllianceBernstein Funds, Manulife Funds, Neuberger Berman Funds, Morgan Stanley, and other foreign institutions published their latest views on the market. These institutions generally agree that geopolitical dynamics and AI applications remain the two main themes throughout 2026. While the global economy maintains overall resilience, characteristics of "K-shaped divergence" are becoming apparent in both the Chinese and U.S. markets. Against the backdrop of an expected slowdown in the growth rate of AI capital expenditure and divergent global monetary policies, foreign institutions have offered cautiously optimistic judgments on the trajectory of the bond market, shifts in equity styles, and Chinese asset allocation for the second half of the year. (China Securities Journal)