EYE ON THE MARKET | OUTLOOK 2026 Smothering Heights The market cap of four hyperscalers and the semiconductor ecosystem companies they rely on has grown from $3 trillion to $18 trillion in just a few years, and a broader group of 42 AI related companies has generated 65%-75% of S&P 500 earnings, profits and capital spending since ChatGPT's launch in November 2022. Is this moat really indestructible? In this year's Outlook we focus on four medium term risks: US power generation constraints, China scaling the ...