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Leading US technology companies are set to continue investing substantial sums in artificial intelligence. Increasingly, however, their stock-market performance will depend on whether this spending translates into higher revenues and wider margins.

The current stock market cycle is characterized by an investment boom in artificial intelligence, energy infrastructure, and defense. In an interview with Stephan Marti, CIO Matthias Ramser explains the key drivers and what investors should be paying particular attention to right now.

Christof Reichmuth on government debt, the Swiss franc, and the future of investing