2026 Global Outlook: Pushing Limits

2025-12-03 03:50:00 ET

By Jean Boivin | Ed Fishwick | Wei Li | Vivek Paul | Glenn Purves | Rick Rieder | Raffaele Savi

Summary

The global economy and financial markets are being transformed by mega forces, especially AI. Technology is becoming capital-intensive, and the AI buildout could be unprecedented in both speed and scale. With a few mega forces driving markets, it is hard to avoid making a big call on their direction – and as such, there is no neutral stance, not even exposure to broad indexes. We remain pro-risk and see the AI theme still the main driver of U.S. equities. Yet this environment is ripe for active investing – picking winners and losers from among the builders now and later as AI gains start to spread, in our view. ...

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