Investing.com -- HSBC told investors in a note on Thursday that concerns about hyperscaler overspending have emerged as the dominant narrative in the AI-driven equity market, as investors rotate between competing themes through 2026. Analyst Alastair Pinder introduced a clustering model designed to identify which AI narrative global equities are attaching to, tracking patterns across hyperscaler, semiconductor, software and China internet returns. The firm assigned lower odds to "AI disruption fears" at 9% and "AI euphoria" at 8%, the broad risk-on state in which the AI supply chain leads and semis gain 19.1%. HSBC explained that the framework helps assess how emerging-market equities perform and rotate as the narrative shifts. Related articlesOverspending fears have become the key AI market narrative: HSBCJPMorgan outlines ten strategic themes that could shape the outlook for 2026Wolfe Research outlines eight risks that could spark stock declines in 2026