Equity Selloff Trims US Market Cap Gain to $5 Trillion YTD
Apollo's Chief Economist notes that despite recent market turbulence, the total market capitalisation of the US stock market remains up $5 trillion since the start of the year.
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7 NOVEMBER 2026
6 NOVEMBER 2026
Private Markets Unlocked: The Case for a Multi-Asset Approach
PGIM argues advisors should combine private equity, private credit and private real assets within a single flexible multi-asset allocation rather than static single-strategy exposures, citing diversification and historical return patterns. It also contends direct investment structures offer lower fees and greater transparency than fund-of-funds vehicles.
Tech Hits Turbulence
Jennison's Raj Shant, PGIM's Guillermo Felices and PGIM's Morgan Laughlin argue the tech sell-off reflects a healthier, more selective AI build-out rather than a demand collapse. They see power, permitting and political constraints slowing capex without derailing underlying compute demand or the broader economy.
A reset is not the end of the AI story
The piece argues that a sharp selloff in AI-linked semiconductor and tech stocks reflects a necessary reset of crowded positioning and high capital spending, not the end of the broader AI investment theme. It contends long-term compute demand remains intact, while market leadership broadens beyond mega-cap tech.
Podcast: Strategic Thinking Out Loud – November 2026
Aegon Asset Management's Colin Finlayson argues bond yields have fallen from multi-year highs as markets pivot focus from inflation to growth risks, prompting him to add duration to Strategic Bond funds since late September.
The case for China equities: Capturing China’s next phase of growth
Janus Henderson Investors argues China equities merit a strategic allocation, citing an innovation-led growth shift, attractive valuations, diversification benefits and shareholder-value reforms. It contends widening performance dispersion between winners and losers strengthens the case for active stock selection.
Quick View: An argument for the long view during AI volatility
A research team argues that Democratic gains in state governorships, driven by anti-data-center rhetoric, raise regulatory risk for AI infrastructure, triggering a tech sell-off. It contends the AI buildout will continue but favour diversified hyperscalers over single-product and smaller neocloud providers.
The tech sell-off: what happened and what comes next?
Schroders attributes the sharp tech-led equity sell-off to fears that a Democratic midterm win could slow AI infrastructure spending, but argues the structural AI case remains intact despite near-term volatility. It favours resilient equity exposure, higher-quality US stocks, and diversification via government bonds and alternatives.
AI volatility: what does the recent sell-off mean for investors?
Schroders' Simon Webber argues the AI sell-off reflects financing risk rather than weakening demand, as capital markets face strain funding the infrastructure build-out. He favours active selection of companies with strong balance sheets and earnings visibility amid valuation compression.
2026 midterms: How will the ‘blue wave’ affect markets?
Capital Group strategists including Matt Miller, Diana Wagner, Tom Hollenberg and Cheryl Frank argue Democrats' midterm sweep will constrain Trump's tariff and tax agenda but won't curb deficits, healthcare debates or AI-driven economic resilience.
Will the data center backlash slow the AI buildout?
J.P. Morgan's Stephanie Aliaga argues political backlash against AI data centers, evident in midterm election results, raises costs and delays but is unlikely to derail the buildout given strong economic incentives. Post-2028 projects face the greatest uncertainty, while a shakeout of speculative developments may benefit well-capitalized hyperscalers.
Keeping it real: Real assets, real rates and inflation
J.P. Morgan's David Lebovitz argues that higher real rates, not inflation itself, are compressing private real asset valuations, with repricing speed and mechanics varying across real estate, infrastructure and transportation. He concludes future returns will depend on income and growth rather than multiple expansion.
Financing the AI buildout and its implications for credit markets
JPMorgan Asset Management estimates the five major US hyperscalers face a combined $1.1 trillion external financing gap for AI infrastructure, creating expanding credit opportunities but requiring careful security selection as leverage and structural complexity rise.
Emerging market debt shows greater resilience in a more volatile world
J.P. Morgan Asset Management argues emerging market debt has proven more resilient than expected, citing improved fiscal balances, reserve buffers and flexible exchange rates. It favours duration and selective credit exposure but stresses country differentiation remains essential.
Midterms add to an AI correction already underway
State Street argues the post-midterm selloff in AI and semiconductor stocks accelerated a repricing already underway, driven by capex, valuation and monetization concerns rather than the election alone. It remains constructive on US equities, favoring selectivity and AI adopters over crowded enablers.
