A tech rout sweeping markets in the United States has hampered one of the year’s most notable rallies, but traders betting on the potential of artificial intelligence believe the theme could have much longer to run.

The so-called “magnificent seven” – Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla – have ranked among the most crowded trades globally this year after booming interest in AI and its implications for both hardware and software manufacturers began drawing investors.