Rally amid volatility Listen Up

Research evidence excerpt

Rally amid volatility Listen Up

11 May 2026

Rally amid volatility Multi-AssetData Science

Listen Up

◆ Middle East conflict and energy disruptions dominated Shiva Joon, CFA

discussions this earnings season Data Scientist HSBC Bank plc

shiva.joon@hsbcib.com

◆ Despite this, we saw another bumper season in terms of hard +44 20 7991 1356

numbers; guidance sentiment, however, has softened Thomas Devlin

Analyst, Data Science

HSBC Securities (USA) Inc.

◆ AI adoption continues to accelerate, led by US companies thomas.devlin@us.hsbc.com

+1 212 525 0672

Mark McDonald

Geopolitical uncertainty has softened guidance sentiment Head of AI and Data Science

HSBC Bank plc

Our analysis of Q1 2026 earnings calls shows that US Guidance Sentiment (GSI) has mark.mcdonald@hsbcib.com

softened as geopolitical uncertainty and energy disruption feature more prominently in +44 20 7991 5966

corporate discussions, even though reported results have been strong. Sentiment in Duncan Toms*, CFA

Multi-Asset Strategist

Europe has weakened more than in the US. HSBC Bank plc

duncan.toms@hsbc.com

AI adoption rate remains the highest in the US +44 20 7991 3025

US companies lead the pack in terms of AI adoption, with an adoption rate of over Beatriz Santos Buitrago

65%. Europe stands at about 40%. After a brief wobble in the previous earnings Data Engineer

season, AI adopters, especially in Tech, have continued to outperform the market. beatriz.santos@hsbc.com

+44 20 7992 5329

Firms say private credit requires discipline, but Financials continue to see Max Kettner*, CFA

opportunities Chief Multi-Asset Strategist

Institutions mostly reported limited, well-structured exposures to private credit, and the maximilian.l.kettner@hsbc.com

asset class is described as generally performing well.