Deutsche Bank pointed out that the US dollar has begun to lose its safe haven feature in global markets. George Saravelos, manager of the bank’s foreign exchange strategies department, stated that the concentration in the artificial intelligence sector and rising market volatility were effective in this development.
AI Weight Triggers Global Wave
George Saravelos pointed out that the dollar no longer always appreciates during risk-off periods and that the main reason for this is the increasing uncertainty in the US stock market. According to Saravelos, a negative picture emanating from US-based technology companies could lead to a simultaneous decline in the dollar and stocks. This situation may cause the dollar to lose its function as a hedge, similar to what happened after the dot-com bubble in 2002.
Investors’ Concerns and Loss of Value in the Markets
Failure to meet expectations for artificial intelligence investments has recently caused more than a trillion dollars of value to be erased from global stock markets. 57 percent of the participants in the survey conducted by Deutsche Bank with 440 investors stated that the biggest risk facing the markets in 2026 is a collapse in the valuations of artificial intelligence companies. In the analysis, it was stated that a significant part of the growth in the US economy is based on huge artificial intelligence infrastructure investments, which are thought to reach 500 billion dollars in 2026 alone.
Digital Alternatives and New Platforms Come into Play
On the other hand, banking researchers emphasized that the global financial system is increasingly turning to digital alternatives. The bank estimates that the stablecoin market value, which was $313 billion in January 2026, could exceed $2 trillion by 2028.
Deutsche Bank also took a new step towards institutions and fund issuers. The Digital Asset Management Access 2 (DAMA 2) platform, implemented together with Memento Blockchain and Interop Labs, aims to export regulated funds via public blockchains.
This platform offers a “blockchain service” infrastructure to enable issuers to launch new funds quickly and easily without having an extensive technology team.
Deutsche Bank manager George Saravelos said, “Due to the increase in quality risk in the US stock market, the classic safe haven feature of the dollar is weakening.”
The recent volatility in the US stock market and the risks posed by high valuations in the artificial intelligence sector are causing investors to turn to alternative assets.
Developing digital financial products continue to increase interest in stablecoins and corporate tokenization projects, as well as traditional markets.
