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

Page: https://stenobird.com/podcast/investec-focus-radio-sa-680399/macro-monday-ep124-ai-capex-and-competition-concerns-weigh-on-stock-markets
Text version: https://stenobird.com/podcast/investec-focus-radio-sa-680399/macro-monday-ep124-ai-capex-and-competition-concerns-weigh-on-stock-markets.md
Podcast: [Investec Focus Radio SA](https://stenobird.com/podcast/investec-focus-radio-sa-680399)
Published: 2026-07-20T08:01:00+00:00
Episode link: https://iono.fm/e/1698044
Audio file: https://dts.podtrac.com/redirect.m4a/dl.iono.fm/epi/prov_374/epi_1698044_medium.m4a?p=rss
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Duration seconds: 493

## Resource

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

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## Transcript

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