Anders Danielsson, CEO of Swedish construction group Skanska, which builds data centers and other AI infrastructure assets, shrugged off concerns about a slowdown.

“In the U.S. we have a very strong pipeline of data centers — we don’t see any slowdown there,” he told CNBC. “We are working with large international customers and they are also interested in building data centers in central Europe, and in the Nordics and the U.K. We haven’t seen any slowdown really.”

Meanwhile Kiran Ganesh, multi-asset strategist at UBS, highlighted a notable lack of volatility, adding that the broader narrative remains positive.

“We’ve had a remarkably smooth rally given the scale of investment that’s taken place, given the uncertainty about future cash flows, and given some of those concerns about valuation,” Ganesh told CNBC’s “Europe Early Edition” on Friday.

“As we’ve gone through earnings season, I think it’s reasonable to have expected some volatility, but actually when we look at the results, and they have been reassuring, we’re still up over the course of earnings season and they have been beating expectations. So although some volatility has been materializing this week, we think that’s to be expected and the bigger picture still remains positive.”

“Some big tech stocks are on sale, and are presenting buying opportunities for investors, especially for investors who have missed out on the market’s strength over the past two months,” said Glen Smith, chief investment officer at GDS Wealth Management.

Other investors have flagged concentration risk in U.S. equities, and advocate looking further afield.

Luca Paolini, chief strategist at Pictet Asset Management, said stretched valuations mean the firm is neutral on U.S. names. “Emerging markets are preferred, with diversified exposure across India, Brazil, and broader EM benefiting from AI-driven investment and monetary easing,” Paolini said in a market commentary.