The narrative around the cut is more important than the cut itself. The expectation is a hawkish cut. As long as the narrative is not too hawkish and there's a feeling of control, it's not too much to worry about for equities. Stability of the consumer is the single most important thing for markets. European quality stocks (exporters) had a bad year due to dollar weakness and tariff uncertainty, but it might be time for them in 2026.

AI's next phase is really about energy: where energy comes from, where it is efficient, and how it gets from A to B.