Q3 2026 Market Commentary: Rethinking Diversification in an AI-Dominated Market

In our last two articles, Can Hyperscalers Generate Enough Revenue to Justify Their CapEx Investments? and Will AI Costs, Supply Constraints, and Competition Prevent Attractive Long-Term Returns for Hyperscalers?, we examined whether the unprecedented AI infrastructure investment can ultimately generate attractive shareholder returns for the hyperscalers committing the CapEx, and for investors in hyperscaler stocks.

This quarter’s commentary examines the growing concentration risk and why conventional asset-class diversification may provide less protection than advisors and investors currently assume. We also share insights into how core portfolios can be constructed or complemented by thematic allocations to encompass less-correlated economic return drivers and reduce risks.

Get in touch

Request a Consultation

If you have questions, or think our solutions are right for you, please reach out using the form below. We will respond as soon as possible to continue the conversation.

Thank you! Your submission has been received!

Oops! Something went wrong while submitting the form.

Gitterman Asset Management/Gitterman Wealth Management is a dba of Perigon Wealth Management, LLC (“Perigon”). Perigon is an SEC registered investment advisor.

All information provided is for educational purposes only and does not constitute investment, legal or tax advice, an offer to buy or sell any security or insurance product or an endorsement of any third party or such third party’s views. The information contained herein has been obtained from sources we believe to be reliable but is not guaranteed as to its accuracy or completeness. Whenever there are hyperlinks to third-party content, this information is intended to provide additional perspective and should not be construed as an endorsement of any services, products, guidance, individuals or points of view outside Perigon Wealth Management. All examples are hypothetical and for illustrative purposes only. Please contact us for more complete information based on your personal circumstances and to obtain personal individual investment advice. Neither Perigon Wealth Management nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your circumstances.

Certain securities may be offered Vanderbilt Securities, LLC (“Vanderbilt”) member FINRA/SIPC and headquartered at 125 Froehlich Farm Blvd, Woodbury, NY 11797. Vanderbilt Securities, LLC is not affiliated with Perigon Wealth Management, LLC. Investments through Vanderbilt are NOT FDIC INSURED, NOT BANK GUARANTEED AND MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL. THEY ARE NOT INSURED BY ANY STATE OR FEDERAL AGENCY.

©2025 Perigon Wealth Management, LLC. All advisory services provided by Perigon Wealth Management, LLC a federally registered investment advisor. Certain services provided on an educational and guidance basis only. Results are not guaranteed.