• speaker1
    At the beginning of the year we did see some modest transformation movement out of the dollar. And that's, and we saw that money moving into Europe and to other places. But that. That movement was from a huge overweight and dollar-based assets. Now we would say... In the last two months, we're seeing that money coming back into the United States. And so I don't. see there's that much movement. They're still a deep belief in the opportunity in the U.S. You asked Cristiano about. A-I. If you look at the makeup of the second quarter of the U.S. economy, over 40% of the economic growth in the second quarter was. a cat-back for technology. And you don't see that in other places in the world. And is that cat backs, whether it is through data centers, or...
  • or of the norm.
    speaker2
  • Fighting more.
    speaker3
  • speaker1
    I want to be gas. Building? that guest turbines. You're seeing all that happening more in the United States in most places in the world today. You're not seeing that as much in Europe. And this is one of the big one reason for the huge gap between the US GDP and the European GDP. Look, my knees gonna move around all the time, but I would say. Most global investors have a very large overweight in the US and I think that's going to be the bait place to have your overweighting. for the least the next 18 months.
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