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AI agents have entered the workplace, robots are edging closer to our homes and billions continue to flow into the infrastructure powering artificial intelligence. But as technology advances, are the returns keeping pace with expectations? In this episode of No Ordinary Wednesday, Investec Global Equity analysts David Smith and Zane Bezuidenhout join Jeremy Maggs to examine the year's defining technology trends, the debate over an AI bubble and the companies best placed to benefit. From the future of work to the economics of AI, they unpack what 2026 has taught investors and what to watch in 2027 and beyond. Investec Focus Radio SA

Global equities continue to advance, while US corporate earnings continue to beat expectations. Taking into account these ongoing beats, notes Global Chief Investment Officer Chris Holdsworth, the overall US market now trades at just under 20 times earnings, which is not excessive by historical standards. Investec Focus Radio SA

The US economy continues to grow, thanks to ongoing investment into AI, and despite federal government indebtedness and higher inflation because of rising fuel prices. One area where the strain is showing though, says Global Chief Investment Officer Chris Holdsworth, is in the housing market, where mortgage rates are climbing and applications are falling. Should weaker house prices follow, this will be a headwind for consumer spending. Investec Focus Radio SA

AI investment is supporting growth, but its wider benefits remain uneven. Where will global capital go next, and what will businesses pay to access it? In this special edition of No Ordinary Wednesday, Cumesh Moodliar, CEO of Investec South Africa, and Andrew Lillywhite, head of bank funding group at Investec UK, share first-hand insights from their time at the 2026 IMF and World Bank meetings in Bangkok. Drawing on conversations at the meetings, they examine the forces shaping global investment. They also identify signals that could support investment, from more stable long-term interest rates to the potential impact of a stronger South African credit rating. Investec Focus Radio SA

The war in the Middle East continues to weigh on markets and the economy, with second round effects showing up in US inflation numbers, notes Investment Strategist at Investec Investment Management Osagyefo Mazwai. The tech sector was the biggest loser in the days following the US inflation print. Investec Focus Radio SA

The global economy is proving resilient, and company earnings remain healthy. Even so, Investec’s Global Investment Strategy Group has maintained a risk score of zero, reflecting a measured approach to portfolio positioning. The findings are published in the quarterly Global Investment View. On No Ordinary Wednesday, Chris Holdsworth, Investec Investment Management’s Global Chief Investment Officer, joins Jeremy Maggs to explain the thinking behind the decision. Investec Focus Radio SA

The AI story has been great for investors so far, but it may be making the Fed feel uncomfortable. AI investment is helping to fuel growth and inflation, potentially forcing the Fed to maintain a tighter policy stance – even though, says Global Chief Investment Officer Chris Holdsworth, the sectors most likely to bear the burden of higher rates are those contributing the least to inflationary pressures. Investec Focus Radio SA

Stronger revenue offers an opportunity to reduce borrowing. Will spending pressures limit the gains? Ahead of the 2026 Medium-Term Budget Policy Statement (MTBPS), Investec’s Annabel Bishop and Tertia Jacobs to examine the choices facing National Treasury. Higher precious metals prices offer the prospect of better-than-budgeted tax revenue. But weaker growth, inflation pressure and higher borrowing costs complicate the outlook. How Treasury uses any additional revenue will matter for debt sustainability and investor confidence. In this episode of No Ordinary Wednesday, our economists discuss spending discipline, the proposed fiscal anchor and why rising bond yields do not necessarily signal weaker confidence in South Africa. Investec Focus Radio SA

There’s been an almost universal rise in bond yields around the world over the past few months. According to Global Chief Investment Officer Chris Holdsworth, developed markets have seen the biggest rises, with France one of the hardest hit, as it grapples with a worsening fiscal situation. Investec Focus Radio SA

The US economy is running hot, with the latest indicators pointing to 5% GDP growth, ahead of market forecasts for third-quarter growth of 2.8%. This comes despite high oil prices and rising inflation and has implications for the US dollar and the prospects of the US being able to grow out of its debt problem. Investec Focus Radio SA

South Africa’s digital infrastructure is expanding rapidly, from data centres and fibre networks to satellites. But can the country provide the power, capital and regulatory certainty needed to turn digital investment into lasting growth? On No Ordinary Wednesday, Jeremy Maggs speaks to Investec CIB’s Louise Pillay, a telecoms and media analyst, and David Abbey, a leveraged finance specialist, about what is driving demand, where the risk of overbuilding lies and what it will take to connect more of the country. Chapters: 00:00 - Digital infrastructure as a growth engine 01:58 - How digital infrastructure has evolved 03:17 - Coverage versus digital inclusion 04:54 - What is driving demand for data centres and AI infrastructure? 06:08 - Is there a risk of overbuilding? 07:34 - Is grid access the bigger constraint for data centres? 08:45 - Power, water and social licence 10:53 - What makes a digital infrastructure project financeable? 12:04 - Can new rules speed up fibre rollout? 13:34 - Satellite versus fibre and mobile 14:47 - Does satellite change the economics of rural connectivity? 15:42 - How should policymakers regulate competing technologies? 16:38 - Who will fund the next phase of broadband build-out? 17:30 - What could change the outlook for the sector? Investec Focus Radio SA

In conversation with Head of Investec Equity Research Nkateko Mathonsi, former Gold Fields CEO Chris Griffith reflects on the high-stakes decisions that shaped his mining career, from investing through downturns to balancing business survival with its human cost. In this episode: 00:00: Introduction 01:08: A $1bn ambition for Africa 02:28: From miner to CEO 05:31: Defending mining rights and the rule of law 13:43: The human cost of restructuring 20:48: Yamana: A question of timing 25:07: Balancing growth and shareholder returns 27:38: The people behind an illustrious career 29:42: Doing right when it matters 30:10: Quick-fire questions 30:33: Outro Investec Focus Radio SA

The Fed hiked rates last week amid resilient economic growth and higher inflation, much of it due to higher fuel prices at the pump, while the Bank of Japan also increased borrowing costs, with more likely to come. South Africa’s Reserve Bank is likely to follow suit this week, as inflation expectations remain elevated. Investec Focus Radio SA

Gains by Houthi rebels in recent days have placed further upward pressure on oil prices, with benchmark rates up about 3% on Monday morning, while bond yields have risen since the start of the war. Against this backdrop, the Fed meets this week to decide on interest rates, and, according to Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management, many economists are expecting a hike. Investec Focus Radio SA

Oil, bond yields and inflation are sending a more cautious signal on the global outlook. Growth has held up better than expected. But energy markets remain tight, long-term borrowing costs are rising, and central banks are weighing the risk of another inflation shock. In the latest No Ordinary Wednesday, Ellie Henderson and Callum Macpherson of Investec UK discuss what the oil market, sovereign bonds and economic data are telling us now. They also explore what this means for interest rates, corporate investment and the risks facing South Africa. Investec Focus Radio SA