Just six months into 2026, one could be forgiven for thinking a full year had already passed. President Trump continues to wield his administration and much of his country’s might, in ways that remain well outside of global and indeed, US norms. With the Iran war continuing to evade a lasting resolution, commodity markets are exhibiting heightened levels of volatility, only further amplifying the impacts of insatiable data centre driven demand. Of course, the artificial intelligence (AI) revolution is in full swing as companies seek to unlock its productivity potential, and investors work to identify the sectors and indeed individual companies, who will be the ultimate beneficiaries.
Please note: except where otherwise noted or quoted, the views in this article are those of Perpetual Private’s Investment Research Team.
As investors, we find the current environment to be compelling given the immense strength of earnings growth, but remain cautious regarding the growing concentration of risks both within and across markets. With equities in many regions trading at or near all-time highs, the potential for further upside remains compelling, though prudent investors will be wise to maintain and even enhance diversification through their portfolios.
This edition of our report contemplates all of these dynamics, whilst our Special Article takes a deep dive into the opportunities and threats within the AI investment theme.