Nomura, Daiwa CEOs Flag Risk AI May Spoil Stock Market Rally

Japan’s two largest securities firms—Nomura and Daiwa—expect the country’s stock market rally to continue well into 2027. Both CEOs, however, flagged a potential reversal in artificial intelligence investment as the main risk to the rally. While the article provides limited detail, the core message is that equity performance in Japan is currently being driven strongly by AI-related spending and that any pullback could disrupt corporate earnings and broader market momentum. The warning frames AI investment as a key swing factor, even as the outlook for the market remains otherwise constructive through the end of the decade’s later half.