UK investors’ outlook on AI, tech and the global economy

UK investors cool on AI and Tech stocks but are more optimistic about the global economy this year

• Nearly two-thirds (63%) of UK retail investors are concerned that the valuations of leading US tech and AI stocks are too high
• Investors are less worried now (44%) than this time last year (52%) about the impact of economic uncertainty on their investments
• Over a fifth (22%) plan to invest in gold this year as more investors seek to diversify their investments and benefit from the recent surge in prices
• Gen Z investors are the most worried about AI risks impacting their portfolio this year but are simultaneously the most exposed to tech leaders in their portfolio

New research¹ from J.P. Morgan Personal Investing shows a rapid shift in how UK retail investors perceive global market risks this year.

 While overall confidence among UK retail investors has improved year-on-year, UK investors remain vigilant about investment risks with many weighing their exposure to technology stocks and artificial intelligence firms. The number of investors concerned about the threat posed by cyber and technology risks to their portfolio has nearly doubled from 9% last year to 16% now.

 As technology risk rises up the agenda for investors, this is having a knock-on effect on how investors are allocating their investments with 24% planning to use their Stocks & Shares ISA allowance to invest in listed-Big Tech companies, down from 29% last year. While Gen Z leads all age groups in investing in AI, with 43% holding Big Tech stocks like Alphabet and Nvidia in their portfolio, they also express the highest level of concern about AI-related risks this year to their portfolios.

 While investors cool on the AI and technology sector, the study showed that concerns about the performance of the global economy have tempered. Fewer investors are worried about economic uncertainty impacting their portfolios this year than previously (44% down from 52% in 2025) which has contributed to an overall boost in confidence among UK investors. Two-thirds (66%) of retail investors expect positive market returns in 2026 compared to 58% last year.

 “After a year of volatility across global markets, UK investors’ perceptions of risk have shifted significantly,” said Pacome Breton, Head of Portfolio Management at J.P. Morgan Personal Investing. “Our research shows that more investors are cautious about global AI and technology leaders despite these companies being the engine room for portfolio returns in recent years. Caution surrounding the AI bubble is understandable and there are questions around high levels of spending among the sector but for now the earnings of large US tech companies have been impressive and remains solid. Equally, it’s encouraging to see a positive macro-economic environment as economic growth remains promising and businesses adapt to trade tariffs.”

Investors increasingly focus on building resilient portfolios

As perceptions of market risks shift, investors are increasingly focused on building resilient, diversified investment portfolios that can weather market surprises and benefit from global opportunities. The study showed a fifth (20%) of UK investors considering investing in equities plan to invest in a globally diversified fund.

Gold pushed by its recent increase has become a popular hedge for UK investors as the yellow metal has skyrocketed in price over the last 24 months in response to heightened geopolitical risk and a weakened US dollar. Last year, 15% of investors planned to invest in gold. This year, it has increased to 22%.

Pacome Breton added: “UK investors remain active in the way they manage investment risk, adapting their portfolios so they are on the front-foot in a fast-changing market. It is positive to see a focus on diversification which is to our mind core for successful long-term investments with risk increasingly spread around a broader range of sectors, industries and markets. Our investment team has also added gold exposure into our portfolio range; however, we caution investors that gold is an extremely volatile asset class – especially in recent times – and can experience prolonged periods of underperformance. Therefore, it should only be considered as part of a well-diversified allocation.”

 You can read more about our outlook for global markets in 2026 here: https://www.personalinvesting.jpmorgan.com/guides/our-investment-outlook/

¹ Opinium survey of 1,000 UK investors undertaken from the 3^rd to 10^th December 2025. Year-on-year data is compared with a survey undertaken by Opinium at the start of 2025 (9th to 16th January 2025) using the same panel of 1,000 UK investors. Opinium Research is a member of the British Polling Council and abides by its rules.