Schroders global investment group's Chief Investment Officer and Co-Head of Investments, Johanna Kyrklund, shared her investment views on various topics, including investing in an unusual year, harnessing the use of artificial intelligence, and the potential trend towards democratization of the private market. Johanna Kyrklund pointed out that in the first half of 2023, the US economy did not experience a recession, and the financial markets underestimated the power and impact of fiscal stimulus measures, as well as their assistance to the public. Due to the leadership position of the US technology sector and many other factors, Schroders global investment has always been optimistic about the US market in the long term, as technological transformation will continue to drive social development. Another unexpected factor in 2023 is the dominance of the technology sector, including the US, in driving financial market trends. As interest rates are expected to remain at higher levels for a longer period of time, stocks with longer duration may underperform. Currently, technology companies have strong cash flows and the immense growth potential inherent in artificial intelligence can provide additional advantages, making technology companies almost quasi-cash instruments (meaning high liquidity assets other than cash). Johanna Kyrklund mentioned that healthcare is one of the areas visibly impacted by artificial intelligence and may have a significant influence on emerging market countries. In developed countries, people are accustomed to having access to vast resources at their fingertips, but for emerging economies, artificial intelligence is expected to bring revolutionary changes in healthcare. Looking at the global market, besides the US, China is the only country in the world that has made significant investments in the technology sector (including electric vehicles). Schroders global investment has always been allocating portfolios according to themes, with technological transformation being a major theme, followed by energy transition, sustainable food and water resources, and digital infrastructure, where technology and energy can balance each other out. When investors start considering thematic investments in the global market, such as investing in the circular economy, it is difficult for them to invest in these themes solely through the public markets. The boundary between public and private markets is being blurred, and the democratization of private assets is to some extent accelerating this process.