Posts by Chris Ward
Quarterly Perspectives
Equity markets registered significant gains in 2024, underpinned by healthy economic growth in the U.S. Fixed income portfolios recorded modestly positive returns for the year, with yields falling for short maturity issues and rising for bonds of longer duration. Resilience of the U.S. economy defied widespread expectations of a slowdown, while many overseas economies struggled…
Read MoreGenAI: The Path Forward, Part 2 – AI ROI (“ROAI”)
The emergence of generative artificial intelligence (GenAI) has catalyzed a surge of capital expenditures (capex) directed at building out AI infrastructure. The “Big Four” hyperscalers (Meta, Amazon, Microsoft and Alphabet) are expected to spend over $300 billion on capex in 2025, up from $225 billion in 2024. A significant portion of this will be directed…
Read MoreQuarterly Perspectives
Equity markets registered significant gains in 2024, underpinned by healthy economic growth in the U.S. Fixed income portfolios recorded modestly positive returns for the year, with yields falling for short maturity issues and rising for bonds of longer duration. Resilience of the U.S. economy defied widespread expectations of a slowdown, while many overseas economies struggled…
Read MoreGenAI: The Path Forward, Part 1 – Scaling Laws
The emergence of generative artificial intelligence (GenAI) has catalyzed a surge of capital expenditures (capex) directed at building out AI infrastructure. Big tech companies are on pace to spend over $200 billion on capex this year and even more in 2025. A significant portion of this will be directed to AI-related equipment, including semiconductors, data…
Read MoreElectrifying Innovation
The power industry is on the precipice of a tectonic shift. After decades of muted growth, electricity demand surged over the last year, a trend that is expected to continue driven by data centers, industrial reshoring and electric vehicles, amongst other electrification trends. Meeting this resurgent electricity demand will require significant infrastructure investment and the…
Read MoreQuarterly Perspectives
U.S. stock indices finished the third quarter at record highs driven by growing corporate profits, slowing inflation and the anticipation of a reduction in the federal funds rate, which came to fruition in September. Fixed income returns were positive as yields declined across the maturity spectrum, reflecting moderating consumer prices and slower job creation. Global…
Read MoreSemiconductors: Industry in Transition
Semiconductors are the foundation for all modern-day technology. Despite the pervasiveness of semiconductors in society, the industry remains esoteric. The sector’s products, complex manufacturing methods and intricate global supply chain are out of sight for most consumers. As a result, semiconductors have historically operated in the shadows of the technology world. This changed during the…
Read MoreQuarterly Perspectives
The S&P 500 Index rose in the second quarter driven by strong corporate profits, the promise of artificial intelligence and slowing inflation. Sizable gains in a small number of very large stocks lifted market capitalization weighted indices, though the average U.S. and international stock registered losses for the period. Interest rates finished the quarter little…
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