IPOs from companies looking to fund their artificial intelligence (AI) expansion — SpaceX, Anthropic and OpenAI could add close to $4 trillion in capitalisation into Wall Street — and the massive investments planned by the “Magnificent Seven” (around $5 trillion over 2026–2030) appear justified given strong AI fundamentals. With earnings across the AI value chain projected to remain extremely robust in 2026 (+64%), concerns about a potential bubble — share price of companies in the sector have risen by more than 100% on average since the April 2025 market trough — appear overstated.
When is the right moment to buy stocks in an IT company launching an initial public offering (IPO)? Looking at 30 major technology IPOs over the past 15 years, they averaged a decline of 55% in the first year of trading. But that doesn’t mean that they can’t be a good investment over the long term. For proof, the index of the 100 largest and most liquid U.S. companies listed has performed almost eight times better (in USD) than the MSCI World All Countries index since 1988!
Europe isn’t awash with AI enablers, but it does have many sectors that should benefit from AI’s potential to improve productivity. This is notably the case for banks, which are set to use AI to streamline loan origination, facilitate credit checks and payments, and equip their advisers with AI agents. This dynamic is already reflected in the stock market, where the European banking sector’s outperformance is clearly visible: it is up 12% year-to-date, compared with 7% for the broader market. Moderately higher rates combined with a resilient economy create an environment where banks can thrive, as this typically leads to rising revenues and contained loan-loss provisions.
Emerging Markets' stock outperformance versus developed markets (+16% year-to-date, in EUR) could draw strength as Tech, which now accounts for more than 43% of the MSCI Emerging Market index, remains in the driver's seat. Enthusiasm around tech earnings, capital expenditures and productivity gains sustained demand across Emerging Markets. Since the start of the year, 2026 earnings growth forecasts for IT-related Emerging markets equities have surged from around 40% to 170% (in EUR terms).
"}},{"componentType":"sectionTitle","title":"Investment Strategy"},{"componentType":"paragraph","richBody":{"value":"No bubble in AI !
Protecting portfolios against stagflation
It is the year of earnings for Emerging Markets!
Investing carry risks. Your capital and returns are not guaranteed. You may lose all or part of your invested amount. To find out more about investment risk, click here.
This publication is a document prepared for information purposes only and distributed by ING Belgium. It does not contain any investment recommendation within the meaning of the market abuse regulation nor any personalized recommendation within the meaning of MiFID. Its content is based on information sources judged to be reliable.
No guarantee, warranty or representation –express or implied –is given by ING Belgium as to the accuracy or completeness of the information presented in the presentation. There is also not any obligation of result whatsoever in respect of the information expressed.
The information presented is subject to change without notice.
ING Belgium NV/SA – Bank/Lender – Marnixlaan/Avenue Marnix 24, B-1000 Brussels – RLP Brussels – VAT: BE 0403.200.393 - BIC: BBRUBEBB – IBAN: BE45 3109 1560 2789 – www.ing.be – Contact us via ing.be/contact – Insurance broker, registered with the FSMA under the number 0403.200.393 - Publisher responsible: Sali Salieski - Marnixlaan/Avenue Marnix 24, B-1000 Brussels
"}}]},"localeString":"en-GB","mainHeaderZone":{"backLink":{"textLink":{"text":"News","url":"/en/private-banking/news"}},"componentType":"categoryHeader","coreHeader":{"subtitle":"What's new in the financial markets? July 1, 2026","title":"Monthly Investment Convictions"}},"publishDate":"2026-07-16T16:45:59.180+02:00"}}