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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.

In emerging markets (EM) debt, separating trading from settlement is a convenient fiction—and an expensive one. The execution of a buy or sell order is often treated as the finish line. 

International equities entered 2026 with momentum. After outperforming US stocks in 2025, they continued to lead during the first several weeks of the year, prompting renewed discussion about whether the long era of US market dominance was beginning to fade.

In emerging markets (EM) debt, the opportunity set is not defined by what exists. It is defined by what you can access. This distinction matters more than most investors appreciate.

In this month’s edition, we highlight the expansion in global manufacturing activity and the strong earnings outlook for the S&P 500® Index, both standalone and relative to Europe. We also spotlight a leading financial CEO’s perspective on how AI is reshaping banking, client relationships and capital markets.