The biggest risk

According to a Deutsche Bank dbDataInsights survey, investors see the biggest risk to market stability in 2026 as a sharp repricing of technology—driven by plunging tech valuations and waning AI enthusiasm (57% of respondents).

Donald Rumsfeld, former US Secretary of Defense under the Bush administration, captured the logic of risk well when he said: “There are known knowns … known unknowns … and unknown unknowns — the ones we don’t know we don’t know.”

I would classify “waning AI enthusiasm” firmly in the first bucket: a visible, discussable risk—and therefore one we can prepare for. In practice, that argues for disciplined diversification and a focus on quality companies with reasonable valuations, rather than relying on a single crowded theme.