Tech is back, but AI's reach extends far beyond the usual tech giants.

After a tough run in 2022, technology returned to form in 2023 to emerge as the best performing sector. At the same time, AI emerged as the hot new theme. In 2023, the MSCI ACWI Information Technology Index returned 51.5% in dollar terms, with the 3-year annualized return for the index topping 11% at the end of January 2024. But these impressive returns hide what has been a roller-coaster couple of years for the tech sector. Indeed, just twelve months previously, the same index was down over 31% with key constituents such as Apple, Microsoft and Nvidia down 26%, 28% and 50% respectively....