HSBC’s Willem Sels tells Fortune in an exclusive interview that while U.S. markets remain resilient, geopolitical uncertainty is pushing investors to diversify portfolios—particularly into China. He highlighted Beijing’s supply-side reforms and cheaper AI-linked stocks as catalysts drawing flows east, even as the U.S. continues to dominate long-term AI investment.

When President Trump returned to the White House his intention was clear: Make America Great Again. But the United States’s economic partners, and some of its rivals, are also benefitting from having the unorthodox showman back in the Oval Office.

Investors are watching the U.S. stock market with both enthusiasm and trepidation: The S&P 500 is up 15% over the past year, Treasuries have remained relatively steady, and the F

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