According to CNBC, six investors said the biggest risks facing markets range from fading U.S. exceptionalism and complacency around the Middle East to a policy bind on interest rates and the durability of AI capital spending, and several said portfolios should be diversified beyond this year’s biggest winners. Chris Rush of IBOSS said investors are too concentrated in past winners, while Ben Kumar of 7IM said diversification across sectors and regions has helped as winners and losers have repeatedly changed this year. Ben Seager-Scott of Forvis Mazars said markets risk becoming complacent about the Iran war, inflation pressure and shifts in the AI trade, while Charlie Ambler of Saltus said central banks face an uncomfortable trade-off between inflation control and financial stability. Steve Brice of Standard Chartered said the biggest cyclical risk is a disruption to the global AI boom, and Billy Leung of Global X ETFs said the more durable risk is AI capex, which he said is running into the hundreds of billions and could force a rotation if financing costs or guidance begin to reflect strain.