Published Jul 20, 2026, 3:42 AM ET · Updated 4 months ago · 1 source
Uncertainty in identifying AI winners and losers, coupled with high market leverage, poses downside risk to equities
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Original Report
The sentiment around the tech trade is 'unstudied' as AI's transformative potential is clear, but identifying specific winners and losers remains uncertain. High leverage, with US debt margin up 50% year-on-year in June, creates a significant downside risk even without negative earnings.