Equity Through the Maelstrom: Navigating Opportunity Amid Valuation, Volatility, and AI Disruption

In this midyear 2025 equity outlook, Amundi’s investment team reflects on equity markets' resilience despite macro turbulence, and outlines where selective exposure remains compelling.

• Global equities have remained firm despite rate volatility and geopolitical risks, with AI-driven tech and European cyclicals leading performance.

• Valuations in the US appear stretched, especially in mega-cap tech, while Japan and select EMs offer more favorable risk-reward profiles.

• AI, capex cycles, and defense spending are seen as durable themes, but earnings dispersion is expected to rise heading into H2.

Discover how Amundi is positioning across regions and sectors to harness alpha while managing valuation and volatility headwinds.