We are looking at this too much at an aggregate level. We need to be much more granular. There's going to be losers, but winners as well.

What these technologies have in common is that they are energy-war technologies. They consume a lot of energy. They tend to suck up a lot of these resources. And so I think that actually that could be inflationary.

We are underweight, we maintain a reduced exposure to the US Treasuries. The fiscal picture in Europe is stronger, more under control. So we have an overweight position in European government bonds.

We like to diversify geographically. Emerging markets is one of our highest conviction calls. You have more attractive valuations. It's one way to diversify the AI story.