We are still in the early days of 2025, and year-end projections are already at risk.

The narrative around US dominance over the future of AI was challenged by a hitherto little-known company from China. The fires in California were a reminder that even the most affluent parts of the world are not immune to environmental hazards. And the drama around the mass deportation of illegal immigrants to Colombia may be a foretaste of more drama ahead.

All in all, we maintain our view that 2025 will be a year of heightened volatility.