Week of 2 - 6 February 2026 |  Market demands answer

In this edition of Amundi's Weekly Market Directions: 

• US software stocks declined about 20% YTD as on 4 Feb, due to concerns that advancement in AI would impact businesses of some companies.

• This also suggests that the market expects clearer evidence on the potential returns from the substantial AI investments.  
 
• While winners of today may be different from tomorrow, companies that allocate capital in a disciplined manner should emerge as long-term winners. 

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Monica Defend

Monica Defend

Head of Amundi Investment Institute

The ongoing tech revolution is transformative, rendering some businesses obsolete while others prosper. Therefore, it is important to distinguish structural winners from market noise — those that maintain strict capital discipline and visibility on returns from their AI investments.

Monica Defend, Head of Amundi Investment Institute

Read the full weekly market directions

Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 9 February 2026. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.
 

Date of first use: 9 February 2026

Doc ID: 5198249