US Exceptionalism Under Pressure – the Fracture Lines
The narrative of US exceptionalism is showing more cracks in early 2026, with policy uncertainty, AI valuation jitters and a softer dollar shifting capital flows globally. Global leadership is rotating: ACWI ex-US is up roughly +7.7% YTD, while the S&P 500 is flat and the Nasdaq is negative. Investor positioning confirms the shift, with fund managers now net […]
Echoes of the Seventies
AI investment fatigue has intensified as markets question the timing of returns on the massive infrastructure spend. The “Mag 7” faces increased scrutiny over combined capital expenditure plans exceeding $650 billion, forcing a valuation reassessment in the highest-multiple tech names. Meanwhile, AI displacement worries have swept through multiple market pockets. Fed cut expectations have emerged […]
Beyond the Noise
AI capex plans have crossed a threshold where even strong earnings no longer offset valuation and return-on-investment concerns. Nasdaq and SaaS names sold off sharply as AI disruption and capex intensity forced valuation reassessment. Cross-asset divergence widened, with Japan and select value markets outperforming. US labour-market data is deteriorating at the margin. Central bank divergence […]
The Great Rotation: Repricing the World
This Weekly Wrap Lite is our end-of-week synthesis of what actually mattered in markets. We connect the biggest macro, policy and geopolitical catalysts to what moved across rates, currencies, commodities and equities. We also pressure-test our conclusions against a small set of high-signal thinkers, not to outsource judgment, but to sharpen it. We finish with […]
