The end of the beginning or the beginning of the end? 

Tech firms led strong sales and profit growth in Q3. However, investors expected most of these gains, leaving little room for surprise. Stock reactions were more intense with some tech shares falling sharply even after meeting forecasts.

The overall market outlook remains neutral: profits are rising and growth is stable, but investor expectations are still high.

This month’s Charts of the Month explore:

  • why AI infrastructure stocks are losing momentum despite strong sales
  • the unusually large impact of short-term interest rate expectations 
  • why investors continue to withdraw money from funds focused on high-quality companies.
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