Natural gas prices in the United States have increased significantly less than in Europe, which is a differentiating factor for the Federal Reserve's policy decisions.

The growth of Artificial Intelligence is significantly enhancing the demand for energy.

The Russia-Ukraine war has prompted countries to increase investment in their energy independence.

HSBC Private Bank does not forecast a Federal Reserve rate hike before the end of the year.

HSBC Private Bank advises investing across the entire AI ecosystem, including chipmakers, enablers, and adopters, as well as in the energy sector which supports it.

Geopolitical uncertainty in the Middle East is expected to cause market-to-market volatility rather than a significant equity market correction.

HSBC Private Bank does not expect upcoming large AI IPOs to negatively impact the broader market index through a "supply effect," noting that historically the impact of major IPOs has been very small.