We are halfway through the first quarter and two-thirds of the way through earnings season. The FTSE All-World Index remains within reach of its all-time highs, despite a notable rotation out of technology and growth stocks into value, Europe, and emerging markets. Leadership is shifting, but the market itself has barely flinched, which raises the obvious question: what comes next? Valuations, measured by forward price-to-earnings ratios, sit around 10–25% above long-term ave

The numbers are eye-watering. Over recent quarters, the largest technology companies have collectively committed close to $600 billion to artificial intelligence. Most of it is flowing into data centres, fuelling what is being billed as a once-in-a-generation investment cycle. And it seems far from over. According to McKinsey, a further $6 trillion could be spent by 2030. Much of this looks defensive. No one wants to be the platform that fell behind because it hesitated. But

I remember when you couldn’t give silver away. Down more than 70% from its 2011 peak, it languished below $20 an ounce for years. It wasn’t until the post-Covid everything-rally that it finally sprang to life, briefly touching $30 before slipping back again. Mainly an industrial metal, silver simply lacked the appeal of its more illustrious golden cousin. Then everything changed in the summer of 2024. As gold pushed decisively beyond $2,000, investors started to look at silve

With everything that is going on in the world, it’s easy to forget that we are in the middle of earnings season. So far, the aggregate picture is positive with the S&P 500 on track for 8.2% year-over-year earnings growth for Q4 2025, marking what would be the tenth consecutive quarter of profit expansion if realised. Of course, all eyes will be on the Magnificent Seven, with Microsoft, Meta, Apple and Tesla reporting this week. Investors seem to have already made up their min