At SEB’s year-end strategy call, analysts highlighted two key forces shaping the next decade: the rise of artificial intelligence (AI) and a new geopolitical order. These trends, they said, will redefine industrial production and capital flows worldwide.
“We are entering the early stages of the fifth industrial revolution,” says Thomas Thygesen, head of equity strategy at SEB.
AI-enabled autonomous machines are poised to replace the traditional assembly line model, ushering in a new production paradigm. While the transformation promises higher global growth, productivity gains may take longer to materialise than expected.
Markets currently favour U.S. tech giants, but Thygesen and his colleagues warn that the financial winners may not be the owners of AI models.
“China is driving down the cost of AI faster than demand is scaling,” says equity strategist Mads Bossen, pointing to a 90 per cent drop in usage costs this year. “This will shift value from AI producers to AI users in areas like robotics and advanced capital equipment.”
Geopolitics adds another layer of change. The U.S. faces mounting debt and declining industrial dominance, while Europe is stepping up to secure its own future. Defence spending, energy independence and technology sovereignty are now top priorities.
Clean energy is a central component of this strategy. “Lower energy costs will be critical for competitiveness as AI and electrification drive power demand” says senior strategist Elizabeth Mathiesen. “Investments in renewables and grid infrastructure are accelerating, and Europe saw the strongest growth in renewable energy in the first half of 2025.”
SEB identifies four structural investment themes for the coming decade:
- Europe must build military capacity and supporting infrastructure.
- Energy: Massive investment in renewables and storage to reduce dependency.
- Technology: Development of local data centres and AI-enabled equipment.
- Resources: Secure supply of critical minerals such as copper and rare earths.
Nordic companies are well-positioned in these areas, offering opportunities as capital rotates away from U.S. mega-cap tech stocks.
“A massive opening is coming towards Europe,” Thygesen says. “This is not just about 2026 – it’s about shaping the next 10 to 20 years.”
The full strategy call is available only to SEB’s institutional customers.