Group 1 - The core concern for investors regarding risks in 2026 is the "AI/technology bubble risk," which has significantly overshadowed other risks [1][3] - Over half of the surveyed asset managers identified the AI/technology bubble as their primary worry, followed closely by concerns about the new Federal Reserve Chair's potential aggressive rate cuts and the possibility of a crisis in private equity [3] - The survey indicated that while the perception of bubble risk remains high, it has decreased compared to September levels and is lower than during the liquidity surge post-pandemic in 2021 [3] Group 2 - 71% of respondents expressed a preference for sectors outside the "Magnificent Seven" in their pension investments, despite the latter outperforming the market by approximately 9 percentage points since July 2024 [3] - The adoption rate of AI in the workplace has risen from 50% in the summer of 2024 to 86%, with higher adoption rates observed in Europe compared to the U.S. [3] - The average expected return for the S&P 500 index in 2026 is projected at 6.9%, which is the highest forecast value in four years, contrasting with a 15% return achieved so far in 2025 [4]