Few investors would naturally put artificial intelligence data centers and US shale oil in the same frame. One is built on advanced semiconductors and software; the other on rock, steel and drilling rigs. But the economic pattern is familiar. A breakthrough changes what is possible, demand outruns supply, attractive profit pools emerge and capital floods in.

Equity markets can be as difficult to forecast as the weather, yet investors often assume future return patterns will predictably follow recent trends. In today’s turbulent market climate, we think fundamental research can help investors build conviction in long-term company forecasts that may be obscured by the AI-driven cloud cover.

An extended period of elevated interest rates may have long-term implications for both consumers and businesses—affecting how investors value company shares.

Equity investors are trying to figure out whether steep share-price declines have led to attractive valuations, given mounting threats to fundamental business performance. The answer varies from company to company and requires an active equity investing approach to separate winners from losers.

As equity style winds shift, investors are still debating the merits of growth versus value stocks.

Investors don’t often pay much attention to corporate culture. But cultural norms can make the difference between success and failure, especially for growth companies.

Many US companies have enjoyed an earnings boost from premium products in recent years. But a strong sales mix may leave a company’s profitability vulnerable in the late stages of an economic cycle, when spending trends begin to weaken.