Large Cap Growth

The Fed’s latest 25 basis point hike might represent a recalibration rather than tightening. Instead of focusing on the next hike, investors should watch broader financial conditions and the long-term trajectory for interest rates.

This week gave us another glimpse of our AI-powered future. AI personal agents are becoming a thing you need to understand, if not use.

Chuck Carnevale explains the Rule of 72 and shows how earnings growth can compound over time. Using FAST Graphs and real stock examples, he explores how growth and valuation affect long-term returns.

Franklin Equity’s Grant Bowers discusses why a higher cost of capital does not change the capital expenditure outlook.

The takeaway from Q3 isn't that the IPO recovery is dead, it's that it has entered a far more tactical phase. The appetite to register is undeniably present, but the window to price comfortably has narrowed. For big names like OpenAI and Oura, taking extra time to clear safety, governance, or market noise is a luxury of strength, not desperation.

Munis can fund local power, grid, water and wastewater infrastructure; most AI campus capital will be financed in non-municipal markets.​

All eyes are on the macro economy. A significant market correction in late July triggered the abrupt collapse of Situational Awareness, L.P., a $45 billion, highly leveraged, AI-focused hedge fund. The collapse forced selling of many technology hardware stocks that were winners in the first half of 2026.

Last week the S&P 500 rose 1.2 percent and the NASDAQ gained 2.1 percent, hitting a fresh record close earlier in the week, while the Russell 2000 fell 0.8 percent. The bigger story, however, was in rates. The 10-year Treasury yield pushed through 5.2 percent, its highest level since June 2006, and the two-year briefly topped 4.9 percent, its highest in over two years.

Assessing the wall of worry. Here, we assess the market's growing wall of worry, explain why these worries warrant attention, and justify our continued constructive intermediate-to-long-term stock market outlook.

Economic data from last week continued to paint a picture of a robust U.S. economy with an accelerating pace of growth. After a strong durable goods report showed business fixed investment continuing to rise on the back of ongoing AI data center buildouts, the Atlanta Fed’s GDP Now estimate for third-quarter real economic growth remained at an elevated 5 percent.

It’s a complicated economic environment to retire in, with high costs and significant geopolitical and policy uncertainty. Still, people want and often may need to retire. However, thanks to innovation in the asset management world, investors have an increasing array of options.

The bond market has become the central story for investors. The remarkable development over the past several weeks is not rising inflation expectations but rising real interest rates. Real rates have increased roughly 40 basis points in just three weeks, one of the sharpest moves I can remember over such a short period. Meanwhile, longer-term inflation expectations have actually edged slightly lower.

In this video The Most Powerful Growth Stock, Chuck Carnevale, co-founder of FAST Graphs and known as “Mr. Valuation,” examines NVIDIA through the lens of growth, valuation, financial strength, and long-term return potential. He explains why growth investing is still value investing when a company’s future earnings justify the price being paid.

AI-related borrowers have accounted for nearly a quarter of nonfinancial U.S. dollar (USD) supply year-to-date, yet spreads for non-AI issuers have not widened meaningfully. Instead, hyperscaler spreads have widened, suggesting the market is absorbing the AI supply shock at its source.

On September 23, Invesco launched the Invesco Nasdaq International Innovators 100 ETF (QQI), a fund that seeks to track the performance of the Nasdaq International Innovators 100 Index.

Retail investors buy corporate bond ETFs expecting steady coupons and ballast against stock market volatility. Traditionally, fixed-income portfolios were anchored by defensive issuers like banks, industrials and utilities.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

In the first quarter of this year, as the Strait of Hormuz closed and oil prices exploded, Berkshire Hathaway made a couple of moves that might have flown under people’s radars.It cut its stake in Chevron by roughly a third. Then it bought an airline.

Understanding why investor optimism wins over a full market cycle is one of the most underrated edges an investor can own, and it has almost nothing to do with waving pom-poms. 

The financial markets are navigating a storm. The Treasury yield sell-off intensified this week, pushing the 10-year Treasury yield up to an intraday high of 5.20%, its highest level since 2007.

The BlackRock Model Portfolio Solutions team made significant allocation shifts during the week ended September 24, 2026. The team recently managed over $300 billion and often causes shockwaves in the ETF industry.

The S&P 500 has remained remarkably resilient in the face of mounting macro headwinds. Despite oil prices topping $100 per barrel, 10-year Treasury yields climbing above 5%, and a renewed shift toward tighter monetary policy, the index continues to hover near record levels.

In September 2024 and June 2025, I wrote memos that were critical of governments’ attempts to override the laws of economics, based on my conviction that trying to do so is likely to prove ineffective and potentially harmful.

I do not know whether quantum computing is in that kind of window right now. Nobody does, and I am suspicious of anyone who claims certainty in either direction. What I can say is that the pattern-matching is uncomfortably familiar.

Last week we looked at the Federal Reserve’s inflation problem. This week, let’s look at the other half of its mandate: maximum employment.

Since ChatGPT was first released in 2022, the artificial intelligence (AI) trade has dominated US equity markets. Gains have been driven by three interrelated forces: enthusiasm for artificial intelligence, growing concentration in the largest technology companies and strong price momentum.

This year has presented no shortage of challenges for investors. Geopolitical conflict, trade tensions, rising energy prices, shifting interest rate expectations and an increasingly active political backdrop have each taken turns dominating the headlines. Yet despite these obstacles, the economy has continued to expand, corporate profits have marched higher and markets have climbed one wall of worry after another.

Investment bubbles are inherently dangerous beasts. Like a natural Ponzi scheme, an investment bubble needs to draw in ever larger amounts of capital to keep it going. Nothing attracts capital like apparent success, so an inflating bubble that is creating fortunes for those who got in early will inevitably draw in capital. Unfortunately, this means the amount of money lost when the bubble bursts can outstrip the gains created on its way up.

LPL Research analyzes S&P 500 margin expansion, assessing how much is structural versus cyclical and what that means for future earnings forecasts.

It’s really starting to feel like autumn now. August PPI, CPI, and Retail Sales are in the books, the September FOMC meeting is out of the way, and we can now look forward to Jobs Week on Wall Street. Football is in full swing, and earnings season begins before you know it, with Pepsi (PEP) posting results on Thursday, October 8, followed the next morning by Delta (DAL).

While the AI trade absorbs nearly all available investor attention, owning energy covers our absolute risk while creating the risk budget to cover the AI relative risk more effectively.

Major US equity indices finished the week mixed. The NASDAQ gained 0.7 per cent while the Dow and S&P 500 slipped. The divergence reflected a tug-of-war between fears of slower AI development early in the week and a rebound in AI-linked shares by Friday.

The Texas Stock Exchange (TXSE) is more than a regional milestone — it is a shift in competition among U.S. capital markets. After months of anticipation, the TXSE reached a major landmark last week as Texas Capital’s TXS and OILT ETFs became its first primary listings, followed a day later by PWRX as the first new ETF to launch on the exchange.

The week began with calls for a potential slowdown in AI spending amid growing safety concerns and included a midweek Fed rate hike for the first time since 2023. The S&P 500 finished slightly lower for the second week in a row despite continuing signs that economic growth is strong. Shorter-term bond yields pushed higher as investors priced in the potential for additional rate hikes, both in the U.S. and abroad.

Goldman Sachs Asset Management launched two new ETFs Monday, expanding exposure to emerging and international equities. The ETF duo includes the Goldman Sachs Data Enhanced Emerging Markets Equity ETF (GEMQ) and the Goldman Sachs Data Enhanced International Equity ETF (GIEQ). That pair joins an ETF landscape in which those segments are seeing growing interest.

This has been an incredible year in that Wall Street has spent all of it raising its earnings estimates, and the second-quarter season only accelerated the trend. Analysts began the year expecting S&P 500 earnings to grow about 15%.

Early this week, I was in Los Angeles at the All-In Summit along with about 4,000 others, including tech investors, money managers and entrepreneurs. The ticket wasn’t cheap, but it was well worth it.

Chris Galipeau and Taylor Topousis discuss high-conviction insights that go beyond media headlines.

In August, a flurry of ETF-related deals were announced and expected to close by early 2027. Goldman Sachs is buying NEOS Investments. T. Rowe Price plans to add F/M Investments. Victory Capital is acquiring First Eagle.

A popular narrative for the rise in bond yields over the past few months is that the debt-funded AI capital expenditure cycle is crowding out the Treasury market. The crowding-out argument can appear compelling: AI companies are expected to continue to issue unprecedented amounts of debt at a time when Treasury supply remains elevated. Because both ultimately draw from the same pool of investor capital, yields must rise to clear the market.

As summer officially gives way to fall on September 22, it's not just the weather that's changing. The global monetary policy landscape is shifting as well. After spending much of the past two years focused on supporting growth, central banks have increasingly turned their attention back to inflation, especially with oil prices climbing back above $100 per barrel.

I typically avoid business books when I am on vacation. But I made an exception during our sojourn last month for Andrew Ross Sorkin’s 1929. Nearly a century after the Great Crash, that era is still being studied for lessons that might be relevant in the current day. The potential for financial instability is ever-present.

Throughout this Indexing Redefined series, we explored how traditional market-capitalization indexing ties portfolio weights directly to stock prices, creating hidden concentration risks. Furthermore, we discussed how fundamental indexing offers a disciplined alternative by weighting companies according to their real-world economic footprint. In this final installment, we address the dilemma investors face in highly concentrated equity markets.

According to the latest SPIVA U.S. Scorecard report, broader isn’t always better for active managers. Following a volatile start to the year, the S&P 500 rebounded sharply in the second quarter to gain 10% through June 30 thanks to robust corporate earnings.

Pacing isn't pausing. Calls to "pace the frontier" mean slowing the release of powerful artificial intelligence (AI) models to test and control them better, not halting development or spending.

We are never going to get rid of the FOMC for political and practical reasons. For those of us who would like to see the market set rates without an FOMC intervening, this is as good as it’s going to get.

Janus Henderson Investors today announced two senior investment appointments that will further deepen the firm’s leadership across its global equities franchise.

Open any market commentary today and the conversation is dominated by giants. Mega-cap technology companies command outsized shares of major indexes, and the private markets tell a similar story, as we watch companies increasingly staying private well past the point where they once would have gone public.

Artificial intelligence is advancing at a stunning, and perhaps uncontrolled speed. Last week, Evan Hubinger, the Alignment Science Lead at the AI company Anthropic estimated a greater than 10% chance that AI could eliminate humanity within a decade. Jakub Pachocki, Chief Scientist at OpenAI, recently observed 'The core problem in AI research is that of alignment - getting the AI to ‘try to do the right thing’ by human standards…

As ETF strategies continue to expand into new asset classes and structures, the SEC has been taking a closer look at how some of these products fit within existing regulations.

A rising S&P 500® might suggest few opportunities for tax-loss harvesting. But unusually wide dispersion among individual stocks is telling a different story—and potentially creating new opportunities for direct indexing.

In this video The Most Powerful Growth Stock, Chuck Carnevale, co-founder of FAST Graphs and known as “Mr. Valuation,” examines NVIDIA through the lens of growth, valuation, financial strength, and long-term return potential. He explains why growth investing is still value investing when a company’s future earnings justify the price being paid.

ETFs are increasingly breaking down the wall between public and private markets. Asset managers are finding ways to “ETF-ize” private equity and pre-IPO holdings — giving retail investors liquid, fractional access to growth opportunities historically restricted to institutional and accredited buyers. As companies stay private longer, the most explosive growth phases of high-profile startups often occur off public exchanges.