We are excited to share our latest Market Outlook for Q4 2025, titled “Navigating the AI Supercycle: Strong Tailwinds, Thinner Air.” This theme reflects a market still powered by structural trends – particularly AI and energy infrastructure – but now facing a more selective environment where winners and losers are increasingly defined by capital allocation and execution.

We discuss a few key themes, such as:

• Policy Tailwinds: Pro-growth stance favors AI, energy, and rate cuts
• AI Supercycle: Early innings, but CapEx intensity separates leaders from laggards
• Selective Reward: NVDA, MSFT, GOOGL, META outpace AAPL, AMZN on AI spend
• Power Crunch: AI demand strains U.S. energy grid—opportunities in power/industrials
• Gold & Credit: Gold rallies 48% YTD; credit spreads tight, but manager selection is key

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