IN THIS ISSUE

• Macro Strategy — The Fourth Turning and Globalization: The shift from consumer-driven to investment-driven growth favors the Technology, Industrial and Financial sectors that could benefit from a new era of capital expenditures-related growth that boosts productivity and helps to escape the secular stagnation limits on growth.
  
  
• Market View — AI Adoption Isn't Equal—That's Good News for U.S. Equity Investors: Not all areas of the U.S. economy are using Artificial Intelligence to the same degree. That's good news for U.S. Equity investors. We explain.
  
  
• Thought of the Week — What's Driving the Copper Chaos?: Details on the tariff remain foggy, and the ultimate impact to global metals markets and related companies, industries and sectors will likely depend on the fine print with the expectation of more volatility as these dynamics unfold.​