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Zooming In: Decoding the global tech rotation – What’s next for semis, software and hyperscalers?

Thought Leadership
This insight is about
Tech
Semis
Zooming In
Diversification
AI

Zooming In: Decoding the global tech rotation – What’s next for semis, software and hyperscalers?

by Neha Sahni, Head of CIO Thought Leadership - Global Market Strategist, HSBC Private Bank and Premier Wealth.
Sep 4, 2026

While AI continues to drive the investment narrative, markets have been oscillating between hype and backlash — from “AI euphoria” to “hyperscaler overspend” fears and even positioning washouts. With rising AI capex, new use cases and increased competition, investors are increasingly debating not just who can build, but who can monetise — and who ultimately captures the economics across the AI trade.

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Welcome the latest episode of Zoominh where Neha Sahni, Head of CIO Thought Leadership, and Alastair Pinder, CFA, Head EM and Global Equity Strategist, HSBC Global Investment Research, dive into what's next for semis, software and hyperscalers in the global tech rotation.

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