For anyone worried about the gargantuan costs of developing artificial-intelligence infrastructure, it was comforting to think that Big Tech firms could just turn off the spending taps if demand for chatbots and coding tools didn’t pan out. That’s starting to look like wishful thinking.
It’s true enough that history rhymes, even if it doesn’t necessarily repeat. But that creates danger when we pick up resonances from the wrong episode of history, particularly in the fraught task of identifying and avoiding speculative bubbles.
As concerns grow about the market’s biggest companies, investors are looking further down the market-cap scale. Mid-cap innovators are drawing more attention because they have more room to grow.
Valid until the market close on August 31, 2026
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Following historic inflows, momentum in the covered call ETF market continues unabated. Yet first-generation buy-write products were often viewed somewhat narrowly as high-yield income vehicles built on sacrificing equity upside for immediate cash flow. While early strategies proved the massive appetite for yield, they also exposed key advisor pain points — from steep NAV erosion in bull markets to tax-inefficient distributions.
LPL Research explores whether hyperscalers can generate attractive returns on massive AI investments through a framework focused on ROIC, growth, and capex.
Energy markets have reached a precarious moment, with the path of prices over the remainder of the year – and potentially beyond – hinging on two key questions.
In part two of AB’s “Build a Better Path” Disruptor SeriesTM, we shifted from diagnosing the challenge of long-term investing to a potential approach for solving it. With practical, actionable steps, investors have the potential to translate the concept of improving up/down capture into strategies aimed at improving portfolio design.
Cash is king. Not for investors right now, but among the hyperscalers. The craving for capital is high as the AI arms race takes new twists and turns.
In this report, John P Kerschner, Global Head of Securitized Products, Daniel Siluk, Head of Global Short Duration and Liquidity, and Michael Contopoulos, Head of Multi-Asset Macro Investing, make the case for why it’s time for short-duration bonds.
US stocks rose at the open on Thursday as Microsoft Corp. soared 16% after reporting the fastest cloud unit growth in four years. Top semiconductor companies, like Micron Technology Inc. and Nvidia Corp., gained as well.
The conventional wisdom in tech is that it’s better to overspend than miss out on a blockbuster hit. Of course, Big Tech’s investors hate when their companies overdo it.
U.S. equities finished lower last week as investors weighed an escalating conflict with Iran against renewed concern over the scale of AI-related spending. The technology-heavy NASDAQ Composite was the worst performer, falling 2.1 per cent, while the S&P 500, an index of the largest U.S. companies, declined 0.6 per cent.
South Korea and Taiwan are grabbing the majority of financial news headlines when it comes to international exposure, but a peek inside Latin America reveals potential opportunities. Brazil, in particular, could be offering investors ample value in both equities and bonds beyond those aforementioned countries already benefiting from the artificial intelligence (AI) buildout.
A continued escalation in the Middle East, where the Iranian-backed Houthis joined the conflict in an attempt to disrupt Saudi Arabian crude shipments that pass through the Red Sea via the Bab-el-Mandeb Strait, drove oil prices higher, while new tariff announcements and Alphabet's earnings release created headwinds for equities.
Clients do not need us to predict whether the next 10% move is up or down. They need help staying invested in a way that matches their goals, their time horizon, and their actual tolerance for risk. Staying invested is easier when clients understand what each part of the portfolio is designed to do.
At the party, hosted on a hot day last July at HPS business development head John Christmas’ New Jersey beach house, bandana-clad colleagues across his teams mingled poolside with the wind at their backs. With the addition of HPS, one of the biggest names in private credit, it seemed BlackRock was set to break through in the market in a way that had eluded the asset manager for years.
One of this year’s hottest themes in the stock market has been the crowds of traders chasing the recipients of all the planned spending on new artificial-intelligence data centers.
Leverage, ratings arbitrage, liquidity transformation, and a growing willingness to embrace complexity and illiquidity are becoming more visible across parts of the financial system.
The US economy grew 2.0% in 2025 and it looks like it is growing another 2.0% this year. Real GDP grew at a 2.1% annual rate in the first quarter and, as we set out below, it looks like it grew at a 2.0% rate in the second quarter.
The market encountered its stiffest test in months last week as rising oil prices, higher bond yields, and renewed scrutiny of AI capital spending combined to pressure many of the year’s biggest winners. Easing tensions over the weekend have buoyed stocks. If the Strait of Hormuz was opened, I believe the market would be 5% to 10% higher.
As the Q2 earnings season kicks into high gear, market sentiment around the AI trade is undergoing a critical sanity check. Alphabet’s second quarter results last week served as a barometer for how Wall Street is weighing artificial intelligence investments against current profitability.
With the US-Iran conflict nearing the five-month mark, equity markets have mostly shrugged off the latest escalation. On one hand, that’s understandable – a healthy economy and record corporate profits continue to support the market’s fundamentals. But a note of caution is warranted.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
On a recent episode of the Money Metals Podcast, host Mike Maharrey welcomed veteran market strategist Gregory T. Weldon, publisher of the Global Macro Strategy Report, for a wide-ranging discussion on precious metals, inflation, Federal Reserve policy, artificial intelligence, and global macroeconomic trends.
Home prices fell for a third straight month in May according to the S&P Cotality Case-Shiller index, as the housing slowdown continues. On a seasonally adjusted basis, the national index was essentially flat month-over-month and was up 1.1% year-over-year.
BlackRock Inc.’s $12.55 billion bond sale tied to a Meta Platforms Inc. data center rallied in early trading on Monday in a sign that relatively high yields on the debt ultimately attracted investors.
Pimco has been one of the loudest voices warning of risks in private debt markets, and Ivascyn, 56, has cautioned on the trillions of dollars pouring into the infrastructure underpinning the artificial intelligence boom.
Brent crude crossed above $100 a barrel this week, all due to a 20-mile-wide stretch of water some 6,500 miles away from the U.S. Tanker traffic through the Strait of Hormuz—the Persian Gulf bottleneck that carried roughly a fifth of the world’s seaborne oil before the fighting started—has fallen to virtually zero.
Microsoft Corp., Meta Platforms Inc. and Amazon.com Inc. face renewed investor anxiety over their debt-fueled capital expenditure plans after Alphabet Inc. raised the upper end of its spending forecast this year by as much as $15 billion.
As markets place a greater premium on shareholder-friendly capital allocation, companies that consistently combine buybacks with dividends may be better positioned to outperform.
The narrative presented in this article is uniquely suited only to the retirement scenario. (And it neglects such complications as tax-deferred accounts, etc.) Other investing narratives will be different — for example, those of pension funds or endowment funds.
To evaluate SpaceX from a fundamental perspective, investors need to quantify the implied growth in its valuation and compare it with both their own and market forecasts. In this article, we attempt to help by providing context for growth expectations, using Amazon’s history as a proxy. The question we pose is: What does the Amazon playbook require of SpaceX?
Whenever faced with tradeoffs between risk and return, we recommend turning to expected utility. The method of maximizing expected utility is the most sensible technique for making these tradeoffs, taking into account both your personal preferences and the specifics of the situation.
The second-quarter earnings season is in full swing. So far, the results are landing in line or better than the upwardly revised Wall Street estimates. That’s the opposite of how this usually works. Analysts normally trim their forecasts as a year wears on. In 2026, they’ve done the opposite.
In this video, Chuck Carnevale, co-founder of FAST Graphs, revisits one of investing’s most persistent concerns: how should investors prepare for the next recession or bear market? Updating an article and video he originally published in 2021, Chuck explains why he believes investors should prepare for market downturns, but not fear them.
The ETF market saw a push in capital away from the concentrated U.S. tech sector to defensive broad market exposure, short duration bonds, and commodities. The shift in flows is amplified by the semiconductor market pullback, interest rate uncertainty, and ongoing geopolitical tensions in the Middle East.
Election season often follows a familiar script. Investors debate congressional control, speculate on policy outcomes and search for clues about what markets might do next.
Semiconductor exchange-traded funds have gained more than 25% this year. Intel Corporation’s (INTC) second-quarter earnings report after today’s close could test whether that rally continues.
Google searches for "can I afford a home" are at their highest level in nearly two decades. While a Google search on its own isn't proof of anything, millions of queries might be a proxy for the national vibe.
Research Affiliates and PIMCO leadership analyze key 2026 midyear market shifts, warning of elevated U.S. and AI equity valuations.
Intel Corp.’s long-awaited turnaround is in progress, now that the artificial intelligence data center boom is fueling demand for its chips.
BlackRock Inc. began marketing $12.3 billion of high-grade bonds to fund a Meta Platforms Inc. data center project, testing investor appetite amid growing concerns about excessive AI infrastructure spending.
US equity futures on Friday were little changed, indicating stocks are poised to steady from the deepest one-day drop in a month, as Brent crude prices fell below $100 a barrel and a selloff in Big Tech shares eased.
Equity markets have shown resilience amid persistent headwinds, supported by index evolution and earnings strength
It's difficult to call any stretch a calm, quiet summer week, but this one would seemingly fit the bill. Earnings from Alphabet (GOOGL), Tesla (TSLA), and IBM (IBM) are the standouts, along with a slew of cyclicals reporting Q2 results.
Electricity demand is surging all over the world. To meet this demand, vast investments in power generation need to be made, and grids need to be overhauled and expanded. Ramping up electricity generation and delivery is extremely expensive, and electricity prices have spiked up throughout much of the developed world.
The World Cup games that went into extra time were reminders of just how tough it can be for players to keep up their momentum over the long haul.
Intel Corp. is expected to report strong second-quarter earnings after the market close Thursday, but even blowout results likely won’t be enough to reverse the stock’s July slide.
Small-cap and mid-cap stocks are outrunning large caps in 2026, and one portfolio manager says the shift has room to run.
Alphabet Inc.’s impressive second-quarter earnings release on Wednesday seemed on course to go down mostly well with investors. Until the earnings call, the Google parent’s share price was up marginally in after-hours trading, buoyed by cloud growth that smashed estimates.
AI continues to evolve. Early offerings in the 2010s around machine learning, natural language processing, and predictive analytics helped ignite the Big Data era and allow for the ingestion and processing of both structured and unstructured data at previously unimaginable speeds and volumes.
In the Warsh Fed's new era of two-way risk, bonds offer something rare: potential downside risk mitigation that investors get paid to hold.
Last week’s dominant story was the sharp unwinding of the momentum trade that has carried the market for months. The Philadelphia Semiconductor Index (SOX) declined 10 per cent over the week and is down 21 per cent from June’s peak. Bear markets are defined as drawdowns of 20 per cent or more.
The prime culprit was renewed questioning of the artificial intelligence (AI) buildout given the increasing amount of capital investment needed to bring it to life and the corresponding costs for those who use the technology weighed against its potential productivity benefits.
When clients, specifically, feel they matter to their advisor, they engage more deeply in the planning process, follow through on recommendations, refer more frequently, and build lasting relationships that transcend market volatility.
The buyer's journey for financial advisory services has fundamentally shifted. In 2026, prospects are making significant decisions and judgments before they ever speak to an advisor. Advisors who fail to recognize this shift are missing the most critical window in the entire client acquisition process.
With AI spending skyrocketing, investors are looking for Alphabet Inc.’s earnings to show strong growth in its cloud-computing business, which would demonstrate a clear return on the company’s investments.
A major milestone for the story of the stock market this year looms this evening. Alphabet (GOOGL) will report its earnings today after the bell. Reports suggest the firm will have big, positive news to share, so investors may have questions.
The first half of 2026 was shaped by market-moving headlines. The conflict in the Middle East was the most significant story, triggering a short-term market sell-off.
The relative cheapness of Treasuries versus interest rate swaps mechanically affects how corporate bond spreads are measured, but it appears to have limited influence on how corporate bond spreads actually behave.
Digital assets have the products. They have access to vehicles such as ETFs, separately managed accounts, and direct custody. What they still lack is the foundational layer underneath those products: the agreed-upon definitions of what the market is, how its components are classified, and how performance is measured.
The biotechnology sector is stealing the US IPO market thunder from artificial intelligence-related listings, delivering standout returns as bankers line up a steady stream of summer debuts.
VettaFi’s Midyear Market Outlook symposium Thursday saw industry leaders take on the big questions. Where is the market going? How should investors and advisors navigate uncertainty and potential volatility? Leaders from Fidelity Investments and Invesco both joined for one of the early segments, focused on innovative U.S. strategies.
As we move into the second half of 2026, U.S. large-cap stocks may be on pace to deliver their fourth straight year of double-digit gains, with the S&P 500 Index up 11.4% through July 10, 2026.
Financial markets were eventful this week, with key inflation reports, Federal Reserve (Fed) Chair Warsh’s first semiannual testimony to Congress, renewed Middle East tensions, and the start of earnings season all helping shape the narrative.
We’re back to reading tea leaves! Hooray! Next week the Federal Reserve will have its second meeting since Kevin Warsh officially took the helm. And, at this point, the outcome is far from certain, which is unusual given that ever since Ben Bernanke instituted “forward guidance” the market usually knew what to expect.
The second-quarter earnings season kicked off last week with a resounding statement from Wall Street, led by stellar results across the nation's six largest banking institutions.
AI is changing the investment landscape, but fundamentals still matter, and we remain focused on quality companies with growing free cash flow.
Whenever I speak at investment conferences, I like to point out that we invest in a number of publicly traded airports. I even list them: Spain’s Aena. Aeroports de Paris. Zurich Airport. Airports of Thailand. Two of the world’s largest operators, Grupo Aeroportuario del Sureste and Grupo Aeroportuario del Pacifico, trade in Mexico.
There are several market headwinds that warrant attention, as well as a tailwind that may be large enough to keep the boat moving forward. Fully understanding the headwinds and tailwinds will help you better monitor the market barometer, allowing you to assess and adjust risk levels with more awareness going forward.
After last week’s wipeout in chips and the broader selloff in technology stocks, pressure is building for the biggest spenders on artificial intelligence to justify their expenditures to beleaguered traders with increasingly itchy fingers hovering over their sell buttons.
US stocks advanced on Monday, paring last week’s slump, as chipmakers rebounded amid a deluge of earnings reports that will test whether Big Tech’s profits can match high expectations.
I have been tracking the ETF industry for a long time. I remember when the SPDR S&P 500 ETF Trust (SPY) made history as the very first ETF to hit the $100 billion mark. Since then nearly two dozen have joined SPY.
Markets are embracing the idea that we are in an AI supercycle. Investors are betting on a multi-decade technological shift, similar to the internet, that will transform industries, computing, and infrastructure.
A growing number of corporate leaders, buckling under the stress and uncertainty of the AI age, are looking for a very human solution: A chief of staff.
Something unusual is happening in the US equity market. AI infrastructure winners continue to power market gains, yet more stocks are moving against the S&P 500. That doesn’t necessarily signal widespread fundamental weakness, though it may reflect AI-driven market imbalances creating opportunity beyond today’s leaders.
Halfway through the year, the U.S. equity market performance is broadening. That said, market concentration remains incredibly high, while equity and bond correlations sit in positive territory — conditions that scream a call for diversification. Investors are heeding that call, many with alternatives ETFs.
President Xi Jinping used the rise of China’s AI models to stake his claim on shaping the technology’s global rules, even as their growing power stirs security concerns in Washington and Beijing alike.
On July 15, Direxion launched the Direxion Daily SK Hynix Bull 2X ETF (SKHL), seeking to replicate double the daily performance of the South Korean semiconductor manufacturers Sk Hynix (SKHY). The fund provides leveraged exposure to the world’s leading supplier of high-bandwidth memory chips. It boasts an expense ratio of 97 basis points.
Apple Inc. is again the biggest company in the world after wresting the title from Nvidia Corp., which has held it since May 2025.
Big Pharma has a $300 billion problem, and biotech developers with promising drugs are becoming the fix. Major drugmakers are spending at a pace not seen since 2019 to replace medicines that will soon lose patent protection.
The good news is real. The easy trade is not. Growth has held up, artificial intelligence investment is showing up in earnings and capital spending, and fixed income is offering yields that create serious cushion for portfolios.
Small-cap stocks remain the cheapest corner of the U.S. market. That’s true even after posting their best first-half performance in more than three decades, according to Morningstar’s Q3 2026 stock market outlook.
The bonds sold by hyperscalers to fuel their artificial intelligence ambitions have become a drag on investor portfolios from London to Tokyo.
Investors love an oligopoly. Imagine an industry dominated by a few large, long-standing players. They can earn outsized profits in boom times and avoid crashes thanks to rational capital spending. The existential questions, though, are whether these firms might turn on each other, and is the industry’s entry barrier high enough.
Midyear is a useful moment in investing—not because it tells us where we are going, but because it offers a clearer view of how little we truly knew at the start. Six months is often enough time for confident forecasts to meet reality, for consensus narratives to fray, and for the distinction between what sounded plausible and what proved durable to come into focus.
The rules governing global commodity markets are starting to witness a profound shift, which is putting critical minerals at the forefront of policy. On a recent episode of ETF Guide’s Metals in Motion, Justin Tolman, Senior Portfolio Manager and Economic Geologist at Sprott Asset Management, discussed this dynamic.
Netflix Inc. has been one of the worst stocks in the market over the past 12 months as concerns about the video-streaming giant’s plans and prospects refuse to go away. Now, investors worry that its earnings report after the close will confirm those fears.
Large Cap Growth
AI’s Wildest Spenders Are Hitting the Accelerator
For anyone worried about the gargantuan costs of developing artificial-intelligence infrastructure, it was comforting to think that Big Tech firms could just turn off the spending taps if demand for chatbots and coding tools didn’t pan out. That’s starting to look like wishful thinking.
A Tale of Two Bubbles Defining a Third
It’s true enough that history rhymes, even if it doesn’t necessarily repeat. But that creates danger when we pick up resonances from the wrong episode of history, particularly in the fraught task of identifying and avoiding speculative bubbles.
How QQQJ Targets the Next Generation of Growth Leaders
As concerns grow about the market’s biggest companies, investors are looking further down the market-cap scale. Mid-cap innovators are drawing more attention because they have more room to grow.
Moving Averages of the Ivy Portfolio and S&P 500: July 2026
Valid until the market close on August 31, 2026
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Covered Call ETFs 2.0: Smarter Income, Better Outcomes
Following historic inflows, momentum in the covered call ETF market continues unabated. Yet first-generation buy-write products were often viewed somewhat narrowly as high-yield income vehicles built on sacrificing equity upside for immediate cash flow. While early strategies proved the massive appetite for yield, they also exposed key advisor pain points — from steep NAV erosion in bull markets to tax-inefficient distributions.
Can Hyperscalers Earn Their AI Ambitions?
LPL Research explores whether hyperscalers can generate attractive returns on massive AI investments through a framework focused on ROIC, growth, and capex.
Geography, Geopolitics, and Gamesmanship Leave Little Room for Error in Energy Markets
Energy markets have reached a precarious moment, with the path of prices over the remainder of the year – and potentially beyond – hinging on two key questions.
Build a Better Path, Part Two: Three-Dimensional Investing
In part two of AB’s “Build a Better Path” Disruptor SeriesTM, we shifted from diagnosing the challenge of long-term investing to a potential approach for solving it. With practical, actionable steps, investors have the potential to translate the concept of improving up/down capture into strategies aimed at improving portfolio design.
AI Capex Hits a Tipping Point as Investors Demand More Corporate Discipline
Cash is king. Not for investors right now, but among the hyperscalers. The craving for capital is high as the AI arms race takes new twists and turns.
High-Conviction Views: The Time for Short-Duration Bonds
In this report, John P Kerschner, Global Head of Securitized Products, Daniel Siluk, Head of Global Short Duration and Liquidity, and Michael Contopoulos, Head of Multi-Asset Macro Investing, make the case for why it’s time for short-duration bonds.
US Stocks Rally With Boost From Microsoft’s Surge; Chips Jump
US stocks rose at the open on Thursday as Microsoft Corp. soared 16% after reporting the fastest cloud unit growth in four years. Top semiconductor companies, like Micron Technology Inc. and Nvidia Corp., gained as well.
Zuckerberg Finally Has a Dystopian-But-Lucrative AI Plan
The conventional wisdom in tech is that it’s better to overspend than miss out on a blockbuster hit. Of course, Big Tech’s investors hate when their companies overdo it.
Equities Slide as Iran Escalation and AI Spending Fears Grip Markets
U.S. equities finished lower last week as investors weighed an escalating conflict with Iran against renewed concern over the scale of AI-related spending. The technology-heavy NASDAQ Composite was the worst performer, falling 2.1 per cent, while the S&P 500, an index of the largest U.S. companies, declined 0.6 per cent.
Value in Latin America’s Giant? Opportunities in Brazil
South Korea and Taiwan are grabbing the majority of financial news headlines when it comes to international exposure, but a peek inside Latin America reveals potential opportunities. Brazil, in particular, could be offering investors ample value in both equities and bonds beyond those aforementioned countries already benefiting from the artificial intelligence (AI) buildout.
Tariffs Complicate the Fed’s Inflation Fight
A continued escalation in the Middle East, where the Iranian-backed Houthis joined the conflict in an attempt to disrupt Saudi Arabian crude shipments that pass through the Red Sea via the Bab-el-Mandeb Strait, drove oil prices higher, while new tariff announcements and Alphabet's earnings release created headwinds for equities.
On AI Bubbles & Keeping Clients Invested Without Ignoring Risk
Clients do not need us to predict whether the next 10% move is up or down. They need help staying invested in a way that matches their goals, their time horizon, and their actual tolerance for risk. Staying invested is easier when clients understand what each part of the portfolio is designed to do.
BlackRock Sets Out for Private Credit Glory After Year of Upheaval
At the party, hosted on a hot day last July at HPS business development head John Christmas’ New Jersey beach house, bandana-clad colleagues across his teams mingled poolside with the wind at their backs. With the addition of HPS, one of the biggest names in private credit, it seemed BlackRock was set to break through in the market in a way that had eluded the asset manager for years.
Wall Street Banks Eyed as Overlooked Beneficiaries of AI Trade
One of this year’s hottest themes in the stock market has been the crowds of traders chasing the recipients of all the planned spending on new artificial-intelligence data centers.
The Return of Financial Engineering – Not 2008, But Not Nothing
Leverage, ratings arbitrage, liquidity transformation, and a growing willingness to embrace complexity and illiquidity are becoming more visible across parts of the financial system.
More of the Same
The US economy grew 2.0% in 2025 and it looks like it is growing another 2.0% this year. Real GDP grew at a 2.1% annual rate in the first quarter and, as we set out below, it looks like it grew at a 2.0% rate in the second quarter.
Rising Oil and Real Yields Test Equity Leadership
The market encountered its stiffest test in months last week as rising oil prices, higher bond yields, and renewed scrutiny of AI capital spending combined to pressure many of the year’s biggest winners. Easing tensions over the weekend have buoyed stocks. If the Strait of Hormuz was opened, I believe the market would be 5% to 10% higher.
The AI Capex Warning: Alphabet Sets a Tense Stage for Amazon, Microsoft, and Meta
As the Q2 earnings season kicks into high gear, market sentiment around the AI trade is undergoing a critical sanity check. Alphabet’s second quarter results last week served as a barometer for how Wall Street is weighing artificial intelligence investments against current profitability.
Strong Fundamentals Mask Rising Geopolitical Risk
With the US-Iran conflict nearing the five-month mark, equity markets have mostly shrugged off the latest escalation. On one hand, that’s understandable – a healthy economy and record corporate profits continue to support the market’s fundamentals. But a note of caution is warranted.
Earnings Strong. Bond Yields a Risk.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Gold, Silver, and the Coming Monetary Reckoning
On a recent episode of the Money Metals Podcast, host Mike Maharrey welcomed veteran market strategist Gregory T. Weldon, publisher of the Global Macro Strategy Report, for a wide-ranging discussion on precious metals, inflation, Federal Reserve policy, artificial intelligence, and global macroeconomic trends.
S&P Cotality Case-Shiller Index: Home Prices Continue to Decline
Home prices fell for a third straight month in May according to the S&P Cotality Case-Shiller index, as the housing slowdown continues. On a seasonally adjusted basis, the national index was essentially flat month-over-month and was up 1.1% year-over-year.
BlackRock Dodges AI Bond-Trading Flop After Offering Junk Yields
BlackRock Inc.’s $12.55 billion bond sale tied to a Meta Platforms Inc. data center rallied in early trading on Monday in a sign that relatively high yields on the debt ultimately attracted investors.
Pimco Embraces AI Boom on Its Own Terms
Pimco has been one of the loudest voices warning of risks in private debt markets, and Ivascyn, 56, has cautioned on the trillions of dollars pouring into the infrastructure underpinning the artificial intelligence boom.
Gold Miners Are Printing Cash at $4,000 Gold
Brent crude crossed above $100 a barrel this week, all due to a 20-mile-wide stretch of water some 6,500 miles away from the U.S. Tanker traffic through the Strait of Hormuz—the Persian Gulf bottleneck that carried roughly a fifth of the world’s seaborne oil before the fighting started—has fallen to virtually zero.
Meta, Microsoft Face Renewed Unease Over AI Spending: US Earnings Week Ahead
Microsoft Corp., Meta Platforms Inc. and Amazon.com Inc. face renewed investor anxiety over their debt-fueled capital expenditure plans after Alphabet Inc. raised the upper end of its spending forecast this year by as much as $15 billion.
The Big Shareholder Diluters Are Out of Vogue
As markets place a greater premium on shareholder-friendly capital allocation, companies that consistently combine buybacks with dividends may be better positioned to outperform.
How to Properly Measure Risk
The narrative presented in this article is uniquely suited only to the retirement scenario. (And it neglects such complications as tax-deferred accounts, etc.) Other investing narratives will be different — for example, those of pension funds or endowment funds.
Can SpaceX Fire on All Cylinders?
To evaluate SpaceX from a fundamental perspective, investors need to quantify the implied growth in its valuation and compare it with both their own and market forecasts. In this article, we attempt to help by providing context for growth expectations, using Amazon’s history as a proxy. The question we pose is: What does the Amazon playbook require of SpaceX?
When a $10 Million Tax Break Isn’t Worth the Wait
Whenever faced with tradeoffs between risk and return, we recommend turning to expected utility. The method of maximizing expected utility is the most sensible technique for making these tradeoffs, taking into account both your personal preferences and the specifics of the situation.
AI Capex Depreciation Risk Is The Catch To Record Earnings
The second-quarter earnings season is in full swing. So far, the results are landing in line or better than the upwardly revised Wall Street estimates. That’s the opposite of how this usually works. Analysts normally trim their forecasts as a year wears on. In 2026, they’ve done the opposite.
4 Reasons Why You Shouldn't Fear Recessions
In this video, Chuck Carnevale, co-founder of FAST Graphs, revisits one of investing’s most persistent concerns: how should investors prepare for the next recession or bear market? Updating an article and video he originally published in 2021, Chuck explains why he believes investors should prepare for market downturns, but not fear them.
The Defensive Shift: This Week’s Top 10 ETF Inflows
The ETF market saw a push in capital away from the concentrated U.S. tech sector to defensive broad market exposure, short duration bonds, and commodities. The shift in flows is amplified by the semiconductor market pullback, interest rate uncertainty, and ongoing geopolitical tensions in the Middle East.
The Biggest Election Risk: Tunnel Vision
Election season often follows a familiar script. Investors debate congressional control, speculate on policy outcomes and search for clues about what markets might do next.
Semiconductor ETFs Surge Ahead of Intel Earnings
Semiconductor exchange-traded funds have gained more than 25% this year. Intel Corporation’s (INTC) second-quarter earnings report after today’s close could test whether that rally continues.
Is Housing Still the American Dream?
Google searches for "can I afford a home" are at their highest level in nearly two decades. While a Google search on its own isn't proof of anything, millions of queries might be a proxy for the national vibe.
A Call for Diversification: Research Affiliates-PIMCO Midyear Recap
Research Affiliates and PIMCO leadership analyze key 2026 midyear market shifts, warning of elevated U.S. and AI equity valuations.
Intel Turnaround Fueled by AI Data Centers Needing Its Chips
Intel Corp.’s long-awaited turnaround is in progress, now that the artificial intelligence data center boom is fueling demand for its chips.
BlackRock Kicks Off $12.3 Billion Bond Sale for Meta Data Center
BlackRock Inc. began marketing $12.3 billion of high-grade bonds to fund a Meta Platforms Inc. data center project, testing investor appetite amid growing concerns about excessive AI infrastructure spending.
S&P 500 Futures Steady as Big Tech Rebounds, Oil Dips Below $100
US equity futures on Friday were little changed, indicating stocks are poised to steady from the deepest one-day drop in a month, as Brent crude prices fell below $100 a barrel and a selloff in Big Tech shares eased.
Resilience by Construction: How Index Evolution Drives Earnings Strength
Equity markets have shown resilience amid persistent headwinds, supported by index evolution and earnings strength
Mild Macro Data Sets up AI Tech Earnings and a Busy August Corporate Event Stretch
It's difficult to call any stretch a calm, quiet summer week, but this one would seemingly fit the bill. Earnings from Alphabet (GOOGL), Tesla (TSLA), and IBM (IBM) are the standouts, along with a slew of cyclicals reporting Q2 results.
The Electricity Tipping Point & the Next Energy Boom
Electricity demand is surging all over the world. To meet this demand, vast investments in power generation need to be made, and grids need to be overhauled and expanded. Ramping up electricity generation and delivery is extremely expensive, and electricity prices have spiked up throughout much of the developed world.
A Shift In Stock Market Leadership
The World Cup games that went into extra time were reminders of just how tough it can be for players to keep up their momentum over the long haul.
Intel Needs More Than Blowout Earnings as Chips Rally Falters
Intel Corp. is expected to report strong second-quarter earnings after the market close Thursday, but even blowout results likely won’t be enough to reverse the stock’s July slide.
T. Rowe Price’s Love Says Small-Cap Earnings Are Turning
Small-cap and mid-cap stocks are outrunning large caps in 2026, and one portfolio manager says the shift has room to run.
Alphabet Investors Sound a Warning for Profligate AI Spending
Alphabet Inc.’s impressive second-quarter earnings release on Wednesday seemed on course to go down mostly well with investors. Until the earnings call, the Google parent’s share price was up marginally in after-hours trading, buoyed by cloud growth that smashed estimates.
Agentic AI—The Killer Use Case for Blockchain and Crypto
AI continues to evolve. Early offerings in the 2010s around machine learning, natural language processing, and predictive analytics helped ignite the Big Data era and allow for the ingestion and processing of both structured and unstructured data at previously unimaginable speeds and volumes.
Old-Fashioned Bond Math for a New-Fashioned Fed
In the Warsh Fed's new era of two-way risk, bonds offer something rare: potential downside risk mitigation that investors get paid to hold.
Momentum Trade Moves into Bear Market Territory
Last week’s dominant story was the sharp unwinding of the momentum trade that has carried the market for months. The Philadelphia Semiconductor Index (SOX) declined 10 per cent over the week and is down 21 per cent from June’s peak. Bear markets are defined as drawdowns of 20 per cent or more.
Market Broadening Gains Momentum as AI Uncertainty Grows
The prime culprit was renewed questioning of the artificial intelligence (AI) buildout given the increasing amount of capital investment needed to bring it to life and the corresponding costs for those who use the technology weighed against its potential productivity benefits.
Making Clients Matter: How Mercurio’s Principles Can Help Your Advisory Practice
When clients, specifically, feel they matter to their advisor, they engage more deeply in the planning process, follow through on recommendations, refer more frequently, and build lasting relationships that transcend market volatility.
The Buyer's Journey Has Changed. Has Your Marketing?
The buyer's journey for financial advisory services has fundamentally shifted. In 2026, prospects are making significant decisions and judgments before they ever speak to an advisor. Advisors who fail to recognize this shift are missing the most critical window in the entire client acquisition process.
Alphabet Earnings Need to Show Cloud Growth as AI Spending Soars
With AI spending skyrocketing, investors are looking for Alphabet Inc.’s earnings to show strong growth in its cloud-computing business, which would demonstrate a clear return on the company’s investments.
Alphabet Earnings Loom Large: Do You Own The Right Funds?
A major milestone for the story of the stock market this year looms this evening. Alphabet (GOOGL) will report its earnings today after the bell. Reports suggest the firm will have big, positive news to share, so investors may have questions.
2026 Midyear Outlook: What’s Next for Markets?
The first half of 2026 was shaped by market-moving headlines. The conflict in the Middle East was the most significant story, triggering a short-term market sell-off.
Rich Spreads, Cheap Treasuries, and an Incomplete Explanation
The relative cheapness of Treasuries versus interest rate swaps mechanically affects how corporate bond spreads are measured, but it appears to have limited influence on how corporate bond spreads actually behave.
Froth Coming Out. Tape Remains Resilient.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Why Advisors Can't Build Crypto Portfolios the Way They Build Stock Portfolios
Digital assets have the products. They have access to vehicles such as ETFs, separately managed accounts, and direct custody. What they still lack is the foundational layer underneath those products: the agreed-upon definitions of what the market is, how its components are classified, and how performance is measured.
Biotech IPO Gains Crush AI Listings With Standout 55% Return
The biotechnology sector is stealing the US IPO market thunder from artificial intelligence-related listings, delivering standout returns as bankers line up a steady stream of summer debuts.
Fidelity, Invesco Leaders on Opportunities in the Second Half
VettaFi’s Midyear Market Outlook symposium Thursday saw industry leaders take on the big questions. Where is the market going? How should investors and advisors navigate uncertainty and potential volatility? Leaders from Fidelity Investments and Invesco both joined for one of the early segments, focused on innovative U.S. strategies.
Stocks: Prices Up, Valuations Down
As we move into the second half of 2026, U.S. large-cap stocks may be on pace to deliver their fourth straight year of double-digit gains, with the S&P 500 Index up 11.4% through July 10, 2026.
Inflation Data, Early Earnings and Geopolitics Shape the Market Outlook
Financial markets were eventful this week, with key inflation reports, Federal Reserve (Fed) Chair Warsh’s first semiannual testimony to Congress, renewed Middle East tensions, and the start of earnings season all helping shape the narrative.
Warsh Has the Fed Right Where He Wants It
We’re back to reading tea leaves! Hooray! Next week the Federal Reserve will have its second meeting since Kevin Warsh officially took the helm. And, at this point, the outcome is far from certain, which is unusual given that ever since Ben Bernanke instituted “forward guidance” the market usually knew what to expect.
A Stellar Start: Big Banks Defy Credit Fears to Kick Off Q2 Earnings
The second-quarter earnings season kicked off last week with a resounding statement from Wall Street, led by stellar results across the nation's six largest banking institutions.
Q3 Equity Outlook: AI: A Paradigm Shift
AI is changing the investment landscape, but fundamentals still matter, and we remain focused on quality companies with growing free cash flow.
America Is the Only Major Market Without Publicly Traded Airports
Whenever I speak at investment conferences, I like to point out that we invest in a number of publicly traded airports. I even list them: Spain’s Aena. Aeroports de Paris. Zurich Airport. Airports of Thailand. Two of the world’s largest operators, Grupo Aeroportuario del Sureste and Grupo Aeroportuario del Pacifico, trade in Mexico.
Headwinds & Tailwinds: Minding The Market Weather
There are several market headwinds that warrant attention, as well as a tailwind that may be large enough to keep the boat moving forward. Fully understanding the headwinds and tailwinds will help you better monitor the market barometer, allowing you to assess and adjust risk levels with more awareness going forward.
Big Tech Needs to Justify AI Spending as Investors Dump Stocks
After last week’s wipeout in chips and the broader selloff in technology stocks, pressure is building for the biggest spenders on artificial intelligence to justify their expenditures to beleaguered traders with increasingly itchy fingers hovering over their sell buttons.
US Stocks Rebound From Selloff as Nvidia, Other Chipmakers Rise
US stocks advanced on Monday, paring last week’s slump, as chipmakers rebounded amid a deluge of earnings reports that will test whether Big Tech’s profits can match high expectations.
$100 Billion ETFs: Meet the New Class of Mega-Funds
I have been tracking the ETF industry for a long time. I remember when the SPDR S&P 500 ETF Trust (SPY) made history as the very first ETF to hit the $100 billion mark. Since then nearly two dozen have joined SPY.
Top Investment Themes for Q2 2026: AI, Semis, South Korea, & Space
Markets are embracing the idea that we are in an AI supercycle. Investors are betting on a multi-decade technological shift, similar to the internet, that will transform industries, computing, and infrastructure.
The $400,000 Chief of Staff Is the CEO’s Secret Weapon in the AI Age
A growing number of corporate leaders, buckling under the stress and uncertainty of the AI age, are looking for a very human solution: A chief of staff.
More US Stocks Are Marching to a Different Beat
Something unusual is happening in the US equity market. AI infrastructure winners continue to power market gains, yet more stocks are moving against the S&P 500. That doesn’t necessarily signal widespread fundamental weakness, though it may reflect AI-driven market imbalances creating opportunity beyond today’s leaders.
Alternatives ETFs Punching Above Their Weight in 2026
Halfway through the year, the U.S. equity market performance is broadening. That said, market concentration remains incredibly high, while equity and bond correlations sit in positive territory — conditions that scream a call for diversification. Investors are heeding that call, many with alternatives ETFs.
Xi Seeks Global AI Sway as Surging Chinese Models Spur Alarm
President Xi Jinping used the rise of China’s AI models to stake his claim on shaping the technology’s global rules, even as their growing power stirs security concerns in Washington and Beijing alike.
Leveraging Memory: Direxion Premiers Daily SK Hynix Bull 2X ETF
On July 15, Direxion launched the Direxion Daily SK Hynix Bull 2X ETF (SKHL), seeking to replicate double the daily performance of the South Korean semiconductor manufacturers Sk Hynix (SKHY). The fund provides leveraged exposure to the world’s leading supplier of high-bandwidth memory chips. It boasts an expense ratio of 97 basis points.
Apple Tops Nvidia as World’s Largest Company Amid Tech Rotation
Apple Inc. is again the biggest company in the world after wresting the title from Nvidia Corp., which has held it since May 2025.
Big Pharma’s $300 Billion Patent Problem Fuels Biotech Deals
Big Pharma has a $300 billion problem, and biotech developers with promising drugs are becoming the fix. Major drugmakers are spending at a pace not seen since 2019 to replace medicines that will soon lose patent protection.
Getting Serious in Summer Markets
The good news is real. The easy trade is not. Growth has held up, artificial intelligence investment is showing up in earnings and capital spending, and fixed income is offering yields that create serious cushion for portfolios.
Small-Caps Offer Rare Value as Sector Gaps Narrow
Small-cap stocks remain the cheapest corner of the U.S. market. That’s true even after posting their best first-half performance in more than three decades, according to Morningstar’s Q3 2026 stock market outlook.
Hyperscalers Are Dragging Down Bond Gauges Across Global Markets
The bonds sold by hyperscalers to fuel their artificial intelligence ambitions have become a drag on investor portfolios from London to Tokyo.
Guess Who’s Coming to Crash the Memory-Chip Party?
Investors love an oligopoly. Imagine an industry dominated by a few large, long-standing players. They can earn outsized profits in boom times and avoid crashes thanks to rational capital spending. The existential questions, though, are whether these firms might turn on each other, and is the industry’s entry barrier high enough.
Another Shock, Another Recovery
Midyear is a useful moment in investing—not because it tells us where we are going, but because it offers a clearer view of how little we truly knew at the start. Six months is often enough time for confident forecasts to meet reality, for consensus narratives to fray, and for the distinction between what sounded plausible and what proved durable to come into focus.
Metals in Motion: Sprott Outlines New Era of Critical Minerals
The rules governing global commodity markets are starting to witness a profound shift, which is putting critical minerals at the forefront of policy. On a recent episode of ETF Guide’s Metals in Motion, Justin Tolman, Senior Portfolio Manager and Economic Geologist at Sprott Asset Management, discussed this dynamic.
Netflix Faces Earnings Risk After Stock’s $257 Billion Wipeout
Netflix Inc. has been one of the worst stocks in the market over the past 12 months as concerns about the video-streaming giant’s plans and prospects refuse to go away. Now, investors worry that its earnings report after the close will confirm those fears.