Client Update - 13th November 2026

We have seen another week dominated by news in the world of technology, specifically Artificial Intelligence, with the CEO of Nvidia standing down after an affair with an alleged Chinese spy, and now today Microsoft is enduring a global outage of its key services. It is Friday 13^th after all. In a world where we become increasingly dependent on technology in our daily lives, it has been interesting to see the markets also become obsessed with the next AI listing, or the efficiencies that can be brought to businesses.

After something of a wobble, despite the news from Nvidia, technology stocks have indeed staged something of a recovery this week, as markets digested better-than-expected results from CoreWeave (an American cloud computing business) and the prospect of a higher initial public offering valuation for Anthropic.

CoreWeave’s share price has halved since the summer after investors appeared to lose faith in the company’s debt-funded bet on AI revenues. However, its shares were up 25% on Wednesday. Nvidia rose 2.9%, following a 5.5% fall on Tuesday in the aftermath of its chief executive, Jensen Huang, admitting to an affair with a woman the US believes is a Chinese spy.

Tech stocks have stumbled since setting their record high in early October, with concerns rising over the sustainability of the AI investment boom — and a growing political pushback in the US following last week’s midterm elections. The Democrats’ sweeping victory in congressional races last week triggered a slump in tech stocks, as investors worried that the Democrats would attempt to slow the build-out of data centres across the country. This led to the worst day for the Nasdaq 100 since 2020 last week, yet now investors have already started buying back into US technology stocks.

Record equity listings on the stock market and enormous bond issuance suggest the AI boom is sucking capital away from the remainder of the global economy. Companies used to gauge the success of a bond offering by the interest rate differential over government bonds that they’d have to pay. Today, though, technology-related bond offerings are deemed successful by the size of the issue with little regard for the accompanying interest rate.

There remains a compelling investment story in the world of AI. It is a long-term theme that we will continue to use as and when appropriate in client’s portfolios. It is, however, important to not forget that in a diversified global portfolio, when the headlines are all focussed in one area, other assets that clients hold will quietly be going about their business and adding value whilst no-one is watching. It remains time in the market, not timing the market, that adds the greatest value. Do have a good weekend.