Since ChatGPT was first released in 2022, the artificial intelligence (AI) trade has dominated US equity markets. Gains have been driven by three interrelated forces: enthusiasm for artificial intelligence, growing concentration in the largest technology companies and strong price momentum.
US equities underperformed global markets in the first six months of 2025, but continue to trade at a premium to foreign markets. ClearBridge Investments outlines the case for global diversification.
