Economic Outlook - The modern economic family index, created to track the health of the US economy, shows signs of improvement despite previous underperformance [2] - Small caps and transportation sectors have reached all-time highs, indicating a potential disconnect between stock performance and the real economy [2] Sector Analysis - **Precious Metals**: Continued support for precious metals is expected due to factors like debt, a weakening USD, and geopolitical concerns, with a bullish outlook on silver and a price target of $4,700 for gold [4] - **Cryptocurrency**: The sector is seen as a "coiled spring" with potential upside if Bitcoin holds support at $80,000, driven by similar concerns about debt and dollar debasement [4] - **Financials**: Reduced regulation may spur M&A activity beneficial to investment banks, alongside potential lower rates and increased lending, though the industry faces generational changes towards more digital solutions [4] - **Technology**: The tech sector is currently flat, with some major stocks being over-extended. IBM is highlighted for its quantum computing initiatives, with a price target of $400 next year [4]

Summary of BofA December Global Fund Manager Survey Industry Overview - The survey reflects the sentiment of global fund managers regarding macroeconomic conditions, asset allocation, and investment strategies as of December 2025. Key Points Macro & Economic Outlook - **Macro Optimism**: The macro optimism is at its highest since August 2021, with 57% of respondents predicting a soft landing for the economy, 37% expecting no landing, and only 3% anticipating a hard landing [2][19] - **Profit Expectations**: Net profit expectations rose to 29%, the highest since August 2021, indicating a positive outlook on global profits [26] - **Liquidity Conditions**: Rated as the third best in the past 17 years, with 61% of investors rating liquidity conditions as positive, the highest since September 2021 [41][43] Asset Allocation Trends - **Cash Levels**: Cash levels dropped to a record low of 3.3%, down from 3.7%, indicating a strong shift towards risk assets [1][103] - **Equity and Commodity Allocation**: Allocation to equities rose to a net 42% overweight (OW), the highest since December 2024, while commodities reached a net 18% OW, the highest since September 2022 [16][55] - **Sector Rotation**: Significant rotation into US stocks, technology, and materials, while reducing exposure to bonds, healthcare, and staples [4][60] Investment Risks and Concerns - **AI Bubble**: Identified as the biggest tail risk by 38% of investors, with concerns about overinvestment in AI-related capital expenditures [31][29] - **Credit Event Sources**: 40% of investors believe private equity/private credit is the most likely source of a credit event, followed by AI hyperscaler capex at 29% [34][36] Crowded Trades - **Most Crowded Trades**: "Long Magnificent 7" remains the most crowded trade at 54%, followed by "Long Gold" at 29% [37][39] Future Expectations - **Bond Yield Expectations**: 38% of investors expect long-term interest rates to rise, the highest since April 2022 [45] - **Yield Curve Steepening**: 75% of investors anticipate a steepening yield curve in the next 12 months [48] Regional and Sector Allocations - **US Equities**: Net 6% overweight in US equities, the highest since February 2025 [145] - **Underweight Sectors**: Significant underweight positions in energy (26% UW) and consumer staples (20% UW) [56][172] Conclusion - The December survey indicates a strong bullish sentiment among fund managers, with significant shifts towards equities and commodities, while concerns about potential risks, particularly related to AI and credit events, remain prevalent. The overall outlook suggests a cautious optimism as investors navigate the current economic landscape.

the end of 2025 to the beginning of 2027, we're expecting a billion and a half of prepandemic lease expirations to occur, the largest we'll see in a decade. So, it'll be a big recalibration in the next year. We look at the tenant demand, 72% of that tenant demand, looking for the same or greater amount of space.So, so far it looks like the contraction period is behind us and we're heading into a period of stabilization. But h how could that be or why would that be since most people are not going back to the ...

CNBC's Jim Cramer reviewed recent market action and made the case for Procter & Gamble. He drew a distinction between companies like the consumer giant, which makes use of new technology, and tech hyperscalers that spend billions on artificial intelligence to compete with each other."My favorite tech stocks right now are the business-to-business users of technology," he said. "I think these companies will increasingly be given a chance to buy amazing tech that will help them cut costs and bring new products ...

LIVE Stocks Give Back Early Gains Last Updated: 28 min ago Tech Selling Picks Up Again. Major Indexes Turn Lower. By Jacob Sonenshine The stock market is giving back its early gain Monday. Selling of technology stocks is picking up again. After all three indexes were in the green to start trading Monday, they all moved into the red about a half hour after trading opened. Now, the Dow has inched its way back to flat, but the S&P 500 is down 0.2% and the tech- heavy Nasdaq Composite is also down 0.2%. This co ...

PolyAI Raises $86 Million As Fight To Answer Calls With AI Heats Up https://t.co/E7PL1x9PMD ...

Google breaking through prior support to reach new record highs. Key Points Alphabet has surged 65% YTD as AI strength, broad-based growth, and renewed momentum have turned prior headwinds into major tailwinds. Analyst conviction is at an all-time high, with the consensus price target jumping nearly 52 percent over the past year. AI leadership through products like Overviews, Gemini 3, and proprietary TPU hardware has fueled record financial performance and positioned Alphabet for continued long-term g ...

Disney Picks a Side in the OpenAI-Google Rivalry https://t.co/1mwLyAuSUs ...

刘金松 腾讯研究院 资深专家 AI的快速发展，正让我们重新站在技术变革的十字路口。 近期，源自硅谷裁员的消息，不断在媒体上被广泛解读和传播。根据追踪裁员动态网站Layoffs.fyi的统 计，今年已有超过218家科技公司进行裁员，总人数超过11万。在 "硅谷10万大裁员"的叙事渲染下，不 仅让科技从业者感受到就业市场的寒意，也在公众层面引发了对AI就业替代的担忧。 从裁员的具体原因来看，各家不尽相同，既有业务过度扩张后的主动收缩，也有经营承压下的财务压 力。也有部分企业，在盈利增长下的反常规裁员操作，被视作AI就业替代的重要信号。具体来看，其实 AI在本轮裁员中呈现出一体两面的复杂作用。一方面作为催化剂，确实在推动企业进行实质性的组织变 革；另一方面AI所带来的巨大投入预期，迫使企业进行的必要战略聚焦和资源重新配置。 虽然此次裁员风波，并非完全由AI引发，但还是透露出一些值得警惕的信号。从个人视角而言，面对重 大的技术变革，需要尽快提升适应能力，成为掌握AI技能的先行者；但从社会的视角而言，也要考虑构 建制度化的社会韧性机制，特别是在从旧技术体系向新科技生态变革的过程中，如何度过技术变革的 的"乱纪元"，是一 ...

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index moved to the “Fear” zone on Friday.U.S. stocks settled lower on Friday, with the S&P 500 falling over 1% during the session following a renewed tech-led sell-off. The S&P 500 fell 0.6% last week, while the 30-stock Dow gained 1.1% on the week.Shares of Broadcom Inc. (NASDAQ:AVGO) , one of the market’s most closely watched artificial intelligence plays, plunged more than 11% despite topping Wall Street’s quar ...