Episode

Macro Monday Ep124: AI capex and competition concerns weigh on stock markets

Podcast: Investec Focus Radio SA
Published: Jul 20, 2026
Duration seconds: 493
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Summary

Increased competition among LLMs and uncertainty about the return on investment on AI capex are all weighing on the market performance on momentum stocks, such as semiconductor firms. Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management, looks at some of the dynamics in global stock markets. Investec Focus Radio SA