Looking ahead to 2026, I don’t think it’s as simple as “another straight bull run” or “market crash incoming.” It feels more like a year where returns are still there, but you actually have to be selective. For U.S. equities, I think the S&P 500 can still move higher, but probably not with the same easy momentum we saw before. Earnings growth will matter more than just multiple expansion. If rate cuts come gradually and the economy avoids a hard landing, double-digit gains are still possible — but they won’t be evenly spread. On AI, I do expect some rotation. Semiconductors won big early, but I wouldn’t be surprised if leadership slowly shifts toward memory, software, and SaaS companies that actually turn AI spending into recurring revenue. Hardware started the race, but monetisation c