Bloomberg Surveillance The State of the 2026 AI Trade
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Jan 8, 2026 
This discussion features Marta Norton, Chief Investment Strategist at Empower, who delves into the intricate dynamics of the 2026 market landscape. Dan Ives, Global Head of Technology Research at Wedbush Securities, shares insights from CES on the evolving AI and semiconductor sectors, predicting significant M&A activity. Political analysis from Wendy Schiller examines the implications of U.S. foreign policy maneuvers, while Lisa Mateo highlights media trends, including the surprising downsides of AI in the workplace and the rise of zero-waste restaurant initiatives.
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Front-Load Or Dollar-Cost Average
- Front-load retirement contributions if you believe equities will gain early in the year to capture upside.
- If you expect volatility from the AI narrative, dollar-cost average instead to reduce timing risk.
Rotation Driven By Earnings Not Just Valuations
- Rotation talk focuses more on earnings than valuations; some MAG-7 stocks have actually become cheaper versus their history.
- Many traditionally defensive sectors look pricey on their own history, complicating a simple 'sell tech, buy staples' thesis.
AI's Earnings Impact Is Gradual
- AI implementation may boost earnings only gradually and marginally in 2026 rather than immediately transforming corporate profits.
- Fiscal and monetary tailwinds plus incremental AI adoption make a truly negative earnings case hard to find.