IN THIS ISSUE

• Macro Strategy — With a Little Help from our Friends: How the expected Boom in U.S. Foreign Investment Supports America’s Industrial Revival: As more foreign multinationals invest further in U.S. manufacturing and research & development, we expect tailwinds to productivity and domestic innovation and, by extension, U.S. economic growth and corporate earnings.
  
  
• Market View — Will the Artificial Intelligence Boom Deliver Stocks a “Three-peat”?: We expect Artificial Intelligence productivity gains to be similarly transformative for the economy over the next several years, supporting this bull market well into the second half of this decade.
  
  
• Thought of the Week — Blast from the Past? Not this Time: We see the potential for upside given resilient corporate earnings, easier monetary policy, recent softer-than-expected inflation data, the benefit of seasonality, and the start of a digital infrastructure buildout cycle.