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Key points:
Weston sees US equities supported by rising earnings, low realised volatility and strong AI thematics AI-oriented names such as (NASDAQ:MU), (NASDAQ:AMD) and Dell Technologies (NASDAQ:DELL) are viewed as core momentum leaders Japan, Thailand and Taiwan are highlighted as preferred Asian equity markets over the ASX (ASX:XJO)
Wall Street momentum ‘still behind the bulls’, says Chris Weston as AI winners dominate ,Chris Weston from Pepperstone states that record US equity levels still appear supported by strong earnings momentum, particularly in large-cap technology and AI leaders. Consensus S&P 500 earnings per share are seen pushing higher, while realised volatility around 11% is, in Weston's view, encouraging systematic and volatility-targeting funds to increase equity exposure. Weston highlights $MU and $AMD as examples of AI-linked “memory” and chip names drawing flows, arguing that pullbacks in US indices are likely to remain shallow.
Weston points to standout earnings from Dell Technologies, noting the company’s AI server exposure and a share price jump of about 22% after upgraded guidance. He sees broad AI thematics as central, with investors rotating around sectors but keeping a core allocation to winners. In Asia, Weston cites strong momentum in Japan, Thailand and Taiwan, while suggesting global investors show less enthusiasm for Australia due to slowing growth, bank-heavy market structure and uncertainty around credit demand and Reserve Bank of Australia policy.
On commodities, Weston contends that gold faces a heavy opportunity cost versus US Treasuries and high-flying equities, while upcoming mega US IPOs such as SpaceX and Anthropic are viewed as high-volatility, AI-driven concept plays with tight free float and significant trading potential.
