The Trillion Dollar Trend: Mega-IPOs and What They Mean for Capital Markets
The era of trillion-dollar private technology companies is within sight. SpaceX is expected to IPO at a $1.75 trillion valuation, the largest IPO in the history of capital markets. They could soon be...
The End of Asset-Light: How AI Is Accelerating Technology Spending
For most of their existence, the world's largest technology companies operated on a model that seemed almost too good to be true. Companies like Microsoft, Meta, Alphabet, Amazon, and Oracle...
Fed Watching: How Will Policy Evolve Under Kevin Warsh as Chair?
President Donald Trump announced late‑January that, pending confirmation, Kevin Warsh would assume the position of Federal Reserve Chairman, succeeding current Chairman Jerome Powell whose tenure...
The New Era of Market Concentration
Market concentration has become a key theme, with the top 10 companies constituting more than 40 percent of the S&P 500 Index by market capitalization. This comfortably surpasses market concentration...
U.S. Government Shutdown Ends: Economic Impact and Next Steps
After 43 days of political deadlock, the longest government shutdown in U.S. history finally ended when Congress recently passed a last-minute funding bill signed by President Trump. The standoff,...
More Than Multiples: Understanding the Broader Drivers of Equity Valuations
The S&P 500 has produced a ~25 percent annualized return for the three successive years ending September 2025, a banner period of performance.
AI and the Productivity Paradox: Are We Finally Seeing the Payoff?
Artificial Intelligence (AI) remains the most compelling theme in global markets today. With OpenAI and Anthropic recently valued at $300 billion and $183 billion, respectively, and tech giants, like...
Market Insights: Record Highs and the Rise of Small and Mid-Caps