(v) This author is a registered US equity research analyst who is subject to US FINRA Rule 2241 and who may write debt research under FINRA Rule 2242. Please see analyst certifications and important disclosures beginning on page 22. Completed: 24-Sep-25, 22:15 GMT Released: 25-Sep-25, 04:00 GMT Restricted - External SIGNATURE Equity Research 25 September 2025 Equity Strategy Lost My Chain-of-Thought: Could the AI narrative stumble? We remain constructive on AI as an investment theme, but explore some 'what- ...