Decoding semiconductor volatility

Leaders rotate in and out. No single fixed income sector consistently dominates performance over time, and strong performance in one sector rarely carries over from one year to the next. For example, emerging markets local debt and global bonds — two of 2024’s worst performers — rebounded strongly in 2025. Timing fixed income markets and predicting which sector will lead next is extremely difficult.

Market volatility is unsettling. When the market waters get rough, investors can be tempted to jump out to try to avoid short-term losses. But historically, some of the market’s biggest gains occur when volatility is highest, making them difficult to predict and easy to miss.

Stocks, as measured by the S&P 500, are up over 13% through early August. The solid gains have been fueled by a resilient economy, steady consumer spending, optimism around artificial intelligence and better-than-expected earnings growth. Still, some investors worry the advance may be too concentrated in technology and that AI-capex monetization may fall short of expectations. A closer look suggests that it is not just tech moving the market higher.

Quando la correlazione tra asset rischiosi e titoli di Stato diventa positiva, viene meno il tradizionale equilibrio su cui si fonda la diversificazione di portafoglio. Alla luce di queste dinamiche, appare utile soffermarsi sulle cause dell’aumento delle correlazioni e sulle possibili modalità per mitigarne gli effetti.