7 January 2026 Global Tech Equities Six discussion points for 2026 United States Start of the AI megacycle? AI exposure lifted plenty of boats in 2025 until October when capex budgets and financing needs got ahead of first stage revenues. We retain our view that AI is showing the initial stages of a megacycle, considering the pace of AI development and the expected potential positive impact on productivity on a USD110trn+ global GDP. Here we look to identify risks, opportunities, and narratives for 2026. Si ...