Market Outlook - The conversation is focused on the 2026 outlook, with expectations that the market drivers from late 2025 will continue into early 2026 [2] - Key drivers include favorable tax policy, productivity gains from AI leading to higher earnings, and anticipated interest rate cuts [3] AI and Investment Trends - The narrative around AI has shifted, with a growing emphasis on identifying winners and losers in the market [4] - Digital infrastructure, particularly data centers, is emerging as a distinct investment class, highlighted by SoftBank's acquisition of Digital Bridge [7][8] Housing Market - There are signs of improvement in the housing market, with pending home sales increasing by 3.3%, the best performance in three years [5] Market Volatility - Significant intraday volatility has been observed in metal markets, particularly in palladium and silver, indicating a turbulent trading environment [7] Federal Reserve and Interest Rates - Upcoming FOMC minutes are expected to provide clarity on interest rate expectations, with the market already pricing in potential rate cuts for March [10][12] - Analysts anticipate a divergence in opinions regarding future rate cuts, similar to previous dot plots [11] Geopolitical and Economic Indicators - Geopolitical developments and Chinese PMIs are being monitored closely as they may impact market conditions leading into the new year [12]