AI, uncertainty, and opportunity ahead of 2026

So far this year, businesses, governments and investors have dealt with a range of challenges. Geopolitical conflict and President Trump’s policies have shaken markets, but the economic fundamentals remain strong amid the uncertainty. Thematically, the end of ‘US exceptionalism’ has emerged, as investors’ appetite for stateside stocks shrinks. The US dollar’s weakness and the high concentration of equities suggest potential downsides, although firms remain in competitive and strong positions. AI has also become a key theme, with technological advancements set to improve industries’ productivity...