The AI investment cycle still has more runway ahead, but the prospect of a narrative shift toward monetization, return on investment, and enterprise applications strengthens the case for diversifying both within and beyond Big Tech to capture a broader set of opportunities.

Long-term economic trends have left the U.S. economy increasingly reliant on spending by upper-income households. We unpack the potential implications for economic stability and Federal Reserve policymaking.

The future is here … …

We’re increasingly of the view that a series of disruptions are masking a very real cyclical U.S. economic slowdown underneath the surface.