Temasek CIO Rohit Sipahimalani said a reversal of the AI trade is the biggest market risk, with possible turbulence in 2027 triggered by regulatory tightening or insufficient returns on AI investment. He said AI remains a key support for high U.S. equity valuations, though about half of Russell 3000 components are down over 20% from June highs. Temasek remains bullish on AI long-term, with roughly half of its AI exposure in public assets and a target of 70%-75%, and has invested in OpenAI and Anthropic.