Here comes the AI plot twist. The artificial intelligence story dominated markets in 2025, but Australia’s top fund managers expect a new tech narrative to emerge in the next 12 months – and the easy wins might be done.
Armina Rosenberg, co-founder of Minotaur Capital, says that while the big gains in 2025 were concentrated in a handful of mega-cap companies, mainly operating in the infrastructure layer of the AI industry, next year’s winners will look different. First, she likes stocks that make the components that enable large-scale AI computing. Secondly, Rosenberg is tipping some apparent AI losers to make a comeback.
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