AI-driven demand, supply chain constraints, and resource security concerns may be enhancing the strategic importance of commodities for long-term investors.

Geopolitical tensions are driving a shift toward modern mercantilism, reshaping markets and investor strategy.

Pairing the cyclical trade with continued exposure to AI growth seems like a reasonable way to navigate the market’s current distortions.

Investors may consider beyond short-term tactical investing to focus on themes with strategic implications like defense, cybersecurity, and U.S. energy.

Earnings season has seen volatility, but we think fundamentals remain in the driver’s seat and data continue to support risk assets.