AI compute, cyber, automation and the machines remaking labor.
Broadcom's custom-accelerator and networking franchise compounds as every hyperscaler builds bespoke silicon, driving a merchant-ASIC super-cycle and a sector re-rating.
A Chinese open release topping global rankings shifts developer mindshare off Western incumbents — bearish US semis/Nasdaq on monetization doubt, but mildly bullish global growth and China internet on the capability signal.
Diffusion of AI across the economy raises measured productivity growth by ~1pp for a decade, a non-inflationary boom that re-rates equities and real rates.