Thinking global: equities beyond the tech race

2026 ETF implementation ideas.

For professional clients and qualified investors only

Thinking global: equities beyond the tech race

Key investment convictions

Robust earnings growth, Fed rate cuts, and stronger‑than‑expected economic resilience support the rally.^[4] Concentration and valuation risks call for a global, diversified^[5] search for the winners in this transformative era.

Stronger-than-expected US economic resilience has been supported by robust profitability and a surge in tech and AI-related capital expenditure, which has outpaced consumption and helped sustain growth.

This investment cycle remains a defining force for US equities, although questions persist over its durability given elevated valuations, extreme

market concentration and the need for broader productivity gains to emerge. Policy developments in 2026, including potential tax incentives and a renewed deregulation push, could provide additional support, but the outlook remains uncertain. The chart on this page illustrates the scale of this momentum in US tech investment.

At the same time, the tech theme is broadening beyond the US. China continues to invest heavily in AI and related technologies, particularly in supply chains and semiconductor manufacturing, in line with policies aimed at curbing subsidies, reducing excess capacity and strengthening supply discipline, which has strengthened valuations and earnings prospects.^[6]

Taiwan retains a pivotal role in global chip production, while India is gradually carving out its position through product-development capabilities and synergies with IT-enabled services.

Tech investments as % of the US GDP

Source: Amundi Investment Institute on Bloomberg.
Data as of 27/10/2025. Seasonally-adjusted series.

Europe, while lacking a dominant AI champion, still offers opportunities in areas such as electrification and AI-related capital goods.

In Japan, AI-related data-centre and semiconductor stocks have been underpinned by the wider tech impulse, alongside corporate governance reforms that are supporting returns.^[4] Together, these developments reflect a more geographically diverse^[5] set of technological drivers.

As AI integration accelerates, demand is rising across semiconductors, robotics, automation and the infrastructure required to support higher energy use and faster hardware obsolescence. These segments remain central to the next phase of the capex cycle and are supported by global adoption across industries.

While the US continues to lead, Chinese tech remains an important diversifier^[5] with more appealing valuations and stronger expected earnings growth,^[6] and Japan and Europe provide complementary exposure through industrial innovation and governance-driven improvements.

'China Tech 8' vs 'US Magnificent 7' YTD performance

Source: Amundi Investment Institute on Bloomberg. Data as of 12/11/2025. PE ratio is the 12 Month Forward PE Ratio. China Tech 8 is Bloomberg Intelligence basket including the 8 largest China tech stocks, US Magnificent 7 is a basket of the 7 US largest tech related companies.

Against this backdrop of US concentration risk and regional differentiation, a global approach that combines US leadership with the growing contributions from Asia and selected structural themes may offer a more balanced way to participate in the evolution of the tech and AI landscape.^[1]

ETF implementation ideas

Core allocation

ETF	Ongoing charges*
Amundi Core MSCI World UCITS ETF	0.12%
Amundi Core Nasdaq-100 Swap UCITS ETF	0.22%

Targeted asset allocation

ETF	Ongoing charges*
Amundi MSCI World Information Technology UCITS ETF	0.30%
Amundi MSCI Robotics & AI UCITS ETF	0.40%
Amundi MSCI Semiconductors UCITS ETF	0.33%
Amundi MSCI China Tech UCITS ETF	0.55%