The AI story is still going to be a key theme for the next few years. AI has increased productivity growth. Capex plans are big and will continue to increase. We don't think AI is in a bubble; it's more like a balloon that can expand and shrink. Investors should diversify within the AI and tech space this year.

Right now we are overweight US and China equities. We have more confidence in emerging markets or China going into 2026 because valuation is a big consideration. Some internet names have had a pullback and look reasonable compared to US peers.

That is a very important consideration. The bottleneck for AI has started to turn into energy. The question is whether the US has enough power capacity to support AI expansion. The AI competition between China and the US has shifted to the energy space. Both countries will invest more in energy.