Bloomberg Surveillance Bloomberg Surveillance TV: January 6th, 2026
Jan 6, 2026
Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, predicts a robust year for markets driven by AI and concentration risk. Sonal Desai, Fixed Income CIO at Franklin Templeton, warns that fiscal impulses could spur inflation while supporting US growth. Andrew Hollenhorst, Chief US Economist at Citi Research, anticipates rising unemployment and discusses its implications for Fed policy. The conversation also touches on private equity opportunities and the impact of supply constraints on market dynamics, making for a compelling analysis of future trends.
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Concentration Fuels Continued Rally
- Julian Emanuel says market leadership concentration has risen to ~40% in the S&P and continues to benefit dominant names.
- He expects the capital market cycle to keep rewarding those leaders as AI and earnings growth drive the rally.
Rotate Opportunistically From Mega-Caps
- Emanuel recommends opportunistic rotation away from concentrated leaders into beaten-down consumer and healthcare names at times.
- He says stay exposed to AI themes but use tactical opportunities to diversify sector exposure.
2026 Is The AI Acceleration Year
- Emanuel expects 2026 to shift from AI adoption (2025) to acceleration as corporates chase revenue and cost gains.
- He warns companies that fail to deploy AI will become competitively disadvantaged.