The dominance of Jensen Huang and Nvidia in the AI hardware market is facing a significant challenge, signaling a shift in the industry's power dynamic. This is driven by news of Google potentially selling billions of dollars in its own Tensor Processing Units (TPUs) to Meta, following a similar major deal with Anthropic.

Financial planning helps families organize, save, and invest intentionally. It turns goals into a roadmap, budgeting for major purchases, setting aside for retirement, and aligning investments with life milestones. But at some point, the question shifts from how to grow wealth to how to protect and structure it.

This year has certainly been a significant one for me. For the markets and the economy, it has been a big year as well. Rate cuts and no recession have been positive for stocks and bonds.

Interest rates are undergoing one of the steepest reversals in half a century. In 2020, governments could borrow for 30 years at just over 1%. Fast forward to 2025 and U.S. 30-year yields have risen above 5% for the first time since 2007.

According to market theory, persistent outperformance shouldn’t exist. However, companies with high and stable profitability, strong balance sheets, and disciplined capital allocation have demonstrated the ability to deliver superior returns with lower risk over time.

Multi-strategy hedge funds have been around for more than three decades. Will they make it to a half century? Ray Dalio, founder of 50-year-old hedge fund Bridgewater Associates has his doubts about this thriving subsector of asset management.

At Vanguard, we are always working to make our target-date funds (TDFs) better. That means regularly reviewing our glide-path design and diving into specific asset allocation topics to ensure that our strategies evolve with the market and continue to meet our clients' needs.

Corporate America delivered another exceptional earnings season, with third-quarter S&P 500 earnings growth tracking over 13% and achieving one of the highest beat rates ever recorded. Companies successfully adjusted to shifting macroeconomic pressures, including tariffs, as expectations continued to rise. The impressive results were bolstered by robust revenue growth and significant investment from mega-cap technology firms.

The 20th century Baby Boom was one of the most powerful demographic events in the history of the United States. We've created a series of charts to show seven age cohorts of the employed population from 1948 to the present.

The labor force participation rate (LFPR) is a simple computation: You take the civilian labor force (people aged 16 and over employed or seeking employment) and divide it by the civilian non-institutional population (those 16 and over not in the military and or committed to an institution). As of September, the labor force participation rate is at 62.4%, up from 62.3% the previous month.

This impressive performance, fueled largely by the prominent allocation to the "Magnificent Seven" tech stocks, highlights the strong adoption of ETFs and VOO's role as the premier choice for U.S. equity exposure amidst a challenging macro environment. This success helped the entire ETF industry surpass its previous trillion-dollar record.

Some clients don’t want to expose everything and may find it annoying to be asked deeply personal questions. I do think, with some work, everyone can come around to share more about themselves if they are approached correctly. Here are some suggestions.

You don’t need a massive budget or an in-house team to market effectively. You need a focused, sustainable approach designed for small firms like yours. Here’s what that looks like in action — and how to start seeing results without burning out.

Jeff Schulze, Head of Economic and Market Strategy at ClearBridge Investments, discusses key spending, employment and other policy factors he is following as we look forward to 2026.

Like ducks on a pond, markets often appear calm on the surface while churning furiously underneath. For financial markets, above the surface, attention has focused on equity market valuations and record-tight levels of credit spreads, but a deeper look reveals even more extreme dynamics below.

In a recent episode of the Money Metals podcast, host Mike Maharrey sits down with Jordan Roy-Byrne, CMT, MFTA, editor and publisher of The Daily Gold, to unpack where gold and silver are in the current cycle.

Yes, we may be in the second market bubble of this century. Alternatively, the market may be pricing in a shift as fundamental as the transition to either electricity or the internet. Either way, investors must think clearly, act deliberately, and avoid the kind of blind speculation that turned past booms into bloodbaths.

Investors are needy. Insatiable, really. But it makes sense: If an investor buys a share of a company, they’re going to want some benefit from it.

Kalshi Inc.’s Chief Executive Officer Tarek Mansour got my attention when he claimed last week that prediction markets could rival stock exchanges in a few years. Of course, this does not mean that people will buy and sell stocks on Kalshi, but that prediction markets will be where information is aggregated and prices set, with the New York Stock Exchange and its ilk relegated to processing orders.

The release of OpenAI's ChatGPT three years ago sparked an artificial intelligence mania on Wall Street, fundamentally reshaping the stock market landscape. This AI-driven frenzy has minted new market leaders, made the S&P 500 significantly more concentrated, and served as the dominant driving force behind the current bull market in US stocks.

Emerging market (EM) equities have seen exceptional outperformance in 2025, with major countries like South Korea and Brazil posting massive gains. The primary driver of this trend has been a weakening U.S. dollar, which historically encourages capital flow outside the United States. The critical question now for investors is whether this dollar weakness marks the start of a multi-year downtrend or is simply a temporary correction.

On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the Utilities Select Sector SPDR Fund (XLU) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF.

JD Gardner, Founder of Aptus Capital Advisors, goes inside the decision to launch the lowest-cost buffer ETFs and the outsized role investor behavior plays in long-term returns. Stacey Morris, Head of Energy Research at VettaFi, spotlights the latest leaders and laggards in energy ETFs and what could drive the sector in the months ahead.

Despite facing rising tariffs and trade barriers globally since the U.S.-China trade war began in 2017, Chinese exports have surprisingly continued to grow. Total annual exports have expanded by 58% since 2017, reaching a staggering $3.58 trillion, which is a performance far better than many analysts predicted given the severity of the trade conflict.

This article explores gold's role as a distinct, independent alternative asset class, discussing its diversification benefits, and practical ways for investors to gain exposure.

Retail earnings ahead of Black Friday show a clear split: value-focused discounters like TJX and Walmart are thriving, while Target and home improvement stores struggle with consumer pullback on discretionary items. This shift reflects broader economic pressure, as consumers trade down due to high prices, weakening income sentiment, and increased reliance on credit.

Advisors spend hours gathering information via different systems that should already be talking to each other. But by the time they make sense of it, the market has moved on. I’ve seen even well-established firms face this problem because their systems rarely communicate smoothly.

Wall Street’s macro traders are headed for their best year since 2009 as clients rushed to place bets on changing interest rate policies by central banks around the world.

Amid concerns that the traditional 60/40 investment mix no longer works, financial experts are recommending a 20 percent allocation to gold as a necessary portfolio adjustment. This shift is driven by the fact that gold is increasingly viewed as the most reliable hedge against inflation and government spending, unlike bonds which have lost their safe-haven status. Consequently, investors are initiating a "quiet revolution" by moving billions into gold ETFs.

The article argues that making productive use of AI requires strong critical thinking, statistical, and analytical abilities, a necessity challenged by weakening standards in math and reading in educational institutions.

From a purely economic standpoint, imposing taxes on credit unions or ending taxes on banks would have the same outcome. If Congress were serious about fairness, either option would be a logical choice.

In this new series, Chuck Carnevale, co-founder of FAST Graphs and widely known as “Mr. Valuation”, begins the process of constructing a F.I.R.E. Dividend Growth Portfolio from the ground up. F.I.R.E., which stands for Financial Independence, Retire Early, is built on the idea of creating enough growing income to eventually support early retirement.

Returns from emerging market bonds hinge on five factors, our economic research suggests. And for the first time in two decades, four of these are now favourable, heralding a new phase of outperformance for the asset class.

Although the September employment report surprised to the upside, the overall stance of the US labor market remains weak, something that was underscored by the third consecutive increase in the rate of unemployment, from 4.1% in June to 4.4% in September.

Transitioning to an independent RIA model involves complex challenges, from navigating compliance and non-solicitation agreements to setting up scalable technology. This article highlights how specialist partners, specifically Terrana Group’s Advisor Transition Consultants, provide the strategic guidance and hands-on support needed for a seamless and profitable move.

After a gangbuster stock market rally since the early-April lows, many of the prior highfliers have taken a breather amid AI bubble and valuation concerns.

Many of you may have recently seen a chart circulating on the internet suggesting a nationwide collapse in home prices is on the way, that we are in the “biggest bubble in history,” the collapse is “inevitable and nothing can stop it.”

Markets traded with an unusual mix of strong micro data and fragile macro sentiment last week and nowhere was that clearer than the reaction to Nvidia’s excellent earnings. The fundamentals showed strong demand, a robust product cycle, and clean forward guidance—yet the stock slumped after an early surge.

Those who have defaulted into TDFs need to un-default and take back risk control over their lifetime savings. Safe assets include Treasury bills and short-to-intermediate TIPS, even though their returns are low. The price of safety is low, but reliable, returns.

A flood of debt sales from Big Tech risks overwhelming buyers and could weaken the credit market on both sides of the Atlantic.

The U.S. economy’s recent growth has a distinctive engine: large‑scale capital expenditures (capex) tied to artificial intelligence (AI). Firms such as Microsoft, Alphabet (Google), Meta Platforms, and Amazon have announced massive investments in data centers, servers, networking equipment, and AI infrastructure.

AI looks like a classic investment bubble to us, with very high valuations and signs of rampant speculation. But we recognize that while many investors harbor fears that AI might be a bubble, they are far from sure of that fact and tend to assume the market is appropriately priced as a fairly strong prior.

Answers to questions investors are currently asking about Treasury bonds, tax policy, credit quality and other issues currently affecting fixed income investments.

Sun Life Financial Inc.’s newly unified asset-management division plans to hire about 20 senior executives as it looks to turn a collection of investment managers into a more coordinated global powerhouse.

We enter 2026 after a year of robust global stock gains on AI optimism, falling interest rates and a resilient world economy. Beneath this stability, however, lies a more fragile environment.

Looking at your portfolio and feeling a distinct lack of income? Now may be the time to get more income into portfolios, with this version of covered call ETFs offering a solid option.

Vanguard continues its push into the active ETF market with the introduction of three news funds focused on equities. These are the Vanguard Wellington U.S. Value Active ETF (VUSV), Vanguard Wellington U.S. Growth Active ETF (VUSG), and Vanguard Wellington Dividend Growth Active ETF (VDIG). This bolsters the current active equity roster to now eight funds for the issuer.

This month’s Muni Monthly covers performance, supply and demand technicals, fundamentals and valuations for the month ending October 2025.

As measured by the largest ETF dedicated to the sector, real estate stocks are offering middling performances this year. That is disappointing considering the Fed has pared interest rates two times. However, that tepid sentiment arguably belies opportunity with ETFs such as the ALPS Active REIT ETF (REIT).

In times of uncertainty — whether in sport or in markets — the ability to separate fact from feeling — or ideology — is critical. This principle applies across leadership, investing and even today’s AI-driven economy.