Deutsche Bank AG(US:DB) Xin Lang Cai Jing·2025-11-25 09:16Core Viewpoint - Concerns about an artificial intelligence (AI) bubble are unlikely to lead to a broad market decline, with recent pullbacks seen as a "deleveraging of extreme positions" [1] Group 1: Market Sentiment - The team led by Maximilian Uleer and Carolin Raab indicates that worries regarding investment cycles and AI monetization will persist but are not seen as urgent [1] - Adjustments in earnings expectations for the seven major tech stocks are viewed positively, suggesting they can manage capital expenditures if the outlook worsens [1] Group 2: Monetary Policy and Tactical Positioning - If bubble concerns continue, the Federal Reserve retains the option for further interest rate cuts [1] - A tactical preference for European stocks over U.S. stocks is recommended, as issues related to technology, private credit, and the U.S. budget are more pronounced in the U.S. [1] Group 3: Regional Economic Factors - Clarity in the UK budget and the expected approval of Germany's 2026 budget on Friday are anticipated to positively impact European stock markets [1]