Dan Scott presents: CIO Monthly
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AI pulse check

What could the recent AI sell-off mean for the 2027 outlook?

Published on 02.11.2026 CET

Macroeconomic update for November 2026

Investment in artificial intelligence (AI) infrastructure helped power economic growth in 2026. So why have technology stocks recently come under pressure? In the latest CIO Monthly video, Dan Scott from Vontobel’s Multi Asset Boutique explains how higher energy prices and bond yields are weighing on markets, and why he believes a more cautious investment approach could make sense heading into 2027.

  Key Takeaways  

  1. Energy fuels inflation  
    Higher oil prices are adding to inflation pressures, contributing to higher bond yields as markets anticipate interest-rate increases.

  2. Balance sheets stand out
    Tighter financial conditions are putting pressure on companies with high debt burdens, while some firms with stronger balance sheets have been more resilient during the recent sell-off.

  3. A case for quality
    We expect AI spending to keep growing in 2027, but favor a more cautious approach focused on strong balance sheets, income, and dividends.

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Published on 02.11.2026 CET

ABOUT THE AUTHORS

  • Dan Scott

    Dan Scott

    Head of Multi Asset, CIO

    Dan Scott joined Vontobel in 2017. He is Head of Multi Asset, serving both institutional and private clients. Prior to joining Vontobel, he worked for many years at Credit Suisse as Deputy Head of Equity Research and at Kepler as a Swiss equity specialist. He began his career as a journalist in the late 1990s, first at Dow Jones & Company as a staff reporter for the Wall Street Journal, Barron’s, and DJ Newswires, and later as an on-air correspondent for CNBC.

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