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In this month’s edition, our Chart of the Month highlights the recent disconnect between stock prices and earnings fundamentals. Elsewhere, we look at earnings expectations, Treasury buybacks, US manufacturing, Fed policy and AI infrastructure, alongside Paul Kedrosky’s perspective on the evolving AI investment cycle.

In emerging markets (EM) debt, some of the most interesting opportunities are not always broadly marketed. 

Emerging markets (EM) offer a wide range of opportunities across countries, sectors and companies, but that breadth is harder to see in the MSCI Emerging Markets Index. 

If investors cannot reliably predict which market will lead next, what does international exposure add to a portfolio? The case for diversification does not depend on knowing when international equities will outperform. Uncertainty about future market leadership is precisely why diversification matters.

In this month’s edition, we highlight the broadening of market leadership, as the S&P 500® Equal Weight Index has outpaced its cap-weighted counterpart year-to-date. Elsewhere, we look at developments in US manufacturing, corporate earnings, economic growth and recent US support for the yen, before turning to investor Gavin Baker’s perspective on the evolving AI investment cycle.

Investors don’t need to choose between transparency, return potential and diversification.

Members of our team attended the recent Space Symposium in Colorado Springs, a fitting location given the city’s role as an operational hub for the US Space Force. Nearby are three Space Force bases and the US Air Force Academy. The event and the conversations our analysts had there reinforced several themes we are watching across the space economy.

In this month’s edition, we highlight the growing evidence of AI’s impact across the S&P 500® Index and recent developments across inflation, health care, refining, capital markets and rail activity. We also spotlight NVIDIA CEO Jensen Huang’s perspective on AI adoption, regulation and US competitiveness.

A reference guide for common AI infrastructure terms used across our insights and commentary.

While GPUs have dominated the AI market for their essential role in parallel processing and model training, the rise of Agentic AI is shifting the spotlight. This new wave of autonomous AI relies heavily on general-purpose processing functions, driving significant growth in CPU demand.