Each year, we publish our Annual Secular Outlook, a flagship research piece that sets the stage for long‑term economic and market expectations. It examines the secular forces shaping the global landscape and serves as a foundation for our investment strategy.In this year’s edition, artificial intelligence (AI) once again takes centre stage. With rapid innovation and a surge in capital investment, AI emerged as a theme worth revisiting in depth. In this episode, Kiryll Prakapenka and Alexandra Veroude unpack the major themes from the paper, exploring how AI adoption is evolving across regions and sectors, the opportunities emerging from this transformation, and the risks tied to stretched valuations and concentrated market narratives. They also discuss how AI interacts with our other core secular themes – climate and energy security; global order; debt and demographics; and inequality – and highlight the broader implications for investors.
