IN THIS ISSUE

• Macro Strategy — AI and Creative Destruction: Accelerating Artificial Intelligence (AI)‑driven disruption is increasing uncertainty — especially in software — making diversification and index investing valuable considerations for investors.
  
  
• Market View — China's Five-Year Plan: Local Stability Amid Global Uncertainty: China's equity market has remained relatively stable and insulated amid recent global volatility, supported by energy resilience, policy direction, and continued strength in technological development.
  
  
• Thought of the Week — The AI In Between: AI's economic impact is emerging but incomplete, with rapid generative AI adoption reshaping work and entrepreneurship while long‑term productivity gains depend on major U.S. infrastructure investment.​