What's Next For Markets

This week, we’re doing something a little different.Instead of a traditional guest conversation, we fed our full 2025 Year-End Market Review into Google’s NotebookLM and asked it to generate a five-minute discussion summarizing the year in markets.The result is an AI-generated conversation that distills a year’s worth of research, charts, and frameworks into a concise narrative — highlighting what actually drove markets in 2025, where consensus got it right, where it didn’t, and what themes may matter most going forward.This episode is an experiment at the intersection of markets, research, and artificial intelligence — using AI not for prediction, but for synthesis and storytelling.Topics include:The dominant macro and market themes of 2025Growth, inflation, and the evolving policy backdropEarnings, margins, and what truly drove equity returnsHow AI interprets a full year of market researchWhat may — and may not — matter for markets in 2026Think of this episode as a five-minute AI-generated debrief on the year that was — and a new way to consume market research.About the PodcastWhat’s Next for Markets? explores the key macro, market, and policy forces shaping the investment landscape — featuring conversations with leading strategists, investors, and policymakers, along with occasional experiments like this one.

In this discussion, we are joined by Jordy Visser to delve into how exponential innovation, particularly artificial intelligence (AI), is reshaping traditional business cycles. The conversation covers the potential of AI to drive earnings, enhance productivity, and impact labor markets, suggesting that the forthcoming PMI cycle could be one of the most significant in decades. We explore why AI isn't merely a bubble and its role in the evolving market dynamics. Additionally, the discussion touches on the societal impact of AI, its potential to reduce costs in various sectors, and the broad economic implications of these technological shifts. The episode concludes with a speculative outlook on market volatility, potential hedge fund disruptions, and the long-term societal adjustments required to navigate this AI-driven future.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode, Emily Needell sits down with Amy McAneny, partner and private equity tax leader at PWC, to discuss the One Big Beautiful Bill (OBBB) and its implications for individual and institutional investors. Amy explains critical changes such as the permanent 37% top individual tax rate, increased standard deductions, and enhanced depreciation deductions for US-based companies. The episode also explores how these tax updates impact U.S. businesses, potential benefits for retail investors, and the international tax landscape. Amy emphasizes that while there are numerous tweaks and improvements, the bill is largely positive for investment growth and economic stability.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode, we’re joined by Danny Kirsch, Head of Options Strategy and the Trading Team at Piper Sandler. We recap the year’s market activity, discuss notable trading strategies, and look ahead to year-end and early-2025 positioning. Topics include key market catalysts, a standout options trade involving retail and the financial sector as optimistic bets for next year, and the potential impact of Fed rate cuts. We also cover shifting sentiment around AI and big tech, the influence of upcoming tax refunds, and how ongoing tariff-related court cases could shape the market. Danny also breaks down his approach to trading around holiday periods and explains how volatility and delta decay can contribute to end-of-year rallies.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode, we discuss the market outlook and the economic cycle through Michael’s HOPE framework. We outline the four pillars—Housing, Orders, Profits, and Employment—and examine current themes, including an “E-shaped” economy. The conversation explores leading indicators that may signal improvement in 2026, trends in the housing market, and the broader impact of employment dynamics on growth. Michael remains optimistic about a gradual economic recovery and a steady improvement across key sectors in the coming years.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures