Bloomberg Talks Margie Patel Talks Stocks in 2026
Dec 31, 2025
Margie Patel, a seasoned senior portfolio manager at Allspring Global Investments, shares her insights on the U.S. market landscape as we look toward 2026. She emphasizes the strong fundamentals and tax changes expected to drive performance, while also discussing the evolving landscape of AI investments and its impact on valuations. Patel highlights the continuing strength of technology and industrials, as well as the important role of energy in the economy, particularly with gas demand for data centers. She also differentiates U.S. growth from that of emerging markets, advocating for a cautious approach to private credit.
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U.S. Fundamentals Support Continued Outperformance
- The U.S. has strong fundamentals and policy tailwinds that should support outperformance into 2026.
- Tax treatment, lower withholding, higher refunds, and favorable capex rules boost momentum.
AI Keeps Driving Above-Average Growth
- The AI trade will remain a major growth driver even as some leading names see P/E erosion.
- AI-linked sectors should still deliver well-above-average growth versus the broader economy.
Selective Sector Leadership Likely To Persist
- Patel does not expect broad earnings improvement across most sectors in 2026.
- Technology, grid-related industrials, and aerospace & defense should keep outperforming.