Nordnet says AI rally falters as investors demand returns on capital spending
QQQ•Oil and defense themes gain support
Middle East tensions lifted oil from USD 70 to above USD 100 a barrel late in the month, boosting commodity-heavy Oslo Børs as a portfolio hedge.
Nordnet clients increased equity exposure through volatility, favoring defense names such as Kongsberg Gruppen for a second straight month.
AI rally falters as investors demand returns
Nordnet’s July market analysis flagged a sharp rotation out of AI on rising demands for clear returns on invested capital.
Big Tech capex plans from Alphabet, Tesla, and Meta drew selling pressure as investors shifted toward cash-generative, capital-disciplined companies.
IBM fell more than 25% in one session, viewed as a signal that firms are reallocating budgets to build in-house AI infrastructure.
