Good morning. Last night’s Nvidia results were great, so the market will not have a complete meltdown today. Whether or not this dispels worries about unprofitable over-investment in artificial intelligence (shouldn’t it make us worry more, in fact?), the moment of reckoning has been put off once again. Send us your thoughts: [email protected].
The bull case
It’s been a jittery couple of weeks, and more and more investors and pundits (including Unhedged) are talking about downside scenarios and bear cases. So we thought it might be useful to lay out, in outline, the main reasons for risk asset bullishness about 2026 and what remains of 2025. Pushed to make the case, here are the points we’d emphasise, in descending order of importance:
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