Eye on the Market Outlook 2026: Smothering Heights

In this episode of Eye On The Market, recorded in Santa Fe, New Mexico, the speaker dives into the global equity markets, questioning the perceived invincibility of the moat surrounding hyperscalers and semiconductor companies. The discussion covers the significant capital expenditure and R&D investments by these companies, their impact on the S&P earnings and US GDP growth, and the shift towards debt financing. The speaker also addresses valuation concerns, medium-term risks such as a potential "metaverse moment," power generation constraints, China's scaling of its own technology, and risks related to Taiwan and TSMC. The episode concludes with a comparison of US equity performance against the rest of the world, suggesting limited room for non-US stocks to appreciate further.