Large Cap Growth

As expectations have shifted toward slower growth, higher inflation, and higher rates, investors have rotated back to sectors like large-cap technology and semiconductors, capable of delivering durable earnings in a tougher macro environment.

During the past month, the ETF market has seen a wave of excitement surrounding a concentrated group of companies. While investors still want exposure to the tech giants that have dominated the past few years, the successful launch of SpaceX in early June created widespread anticipation for planned IPOs like Anthropic and OpenAI.

The AI boom goes from strength to strength. Big technology companies are pouring hundreds of billions of dollars into chips, data centers and power-hungry infrastructure. One estimate puts annual AI infrastructure investment above $650 billion in 2025 and potentially over $800 billion in 2026..

Before your firm starts using AI across operations, client service, reporting, or advisor workflows, there’s one basic question leadership needs to answer: what kind of AI are we talking about?

Investors now have more optionality when looking for Nasdaq 100 exposure. State Street Investment Management (SSIM) just launched the State Street SPDR Portfolio Nasdaq 100 ETF (QNDX). It will invariably go heads up with the Qs, namely the Invesco QQQ ETF (QQQ) and the Invesco NASDAQ 100 ETF (QQQM).

As the market continues to broaden in 2026, a balanced approach matters more than ever.

AI is both a foundational technology and the ultimate replacement product, which we believe explains why it has attracted unprecedented levels of capital and why the investment opportunities are so compelling.

Halfway through 2026, this market perspective is harder to write with confidence than most. That’s not a phrase I use lightly. Over four decades of markets, there have been plenty of uncertain moments, but the number of significant, unresolved issues I’m watching right now is unusually high.

VettaFi currently has index products tied to ETFs issued by American Century, Victory Capital, and ALPS ETFs, but the addition of RAFI products issued by Invesco and PIMCO that are fundamentally weighted is really exciting, according to Rosenbluth.

According to Gleason, the freezing of Russian assets following the 2022 invasion of Ukraine accelerated the global push toward de-dollarization. Nations around the world took notice that access to the dollar-based financial system could be restricted, increasing the appeal of gold as a reserve asset that cannot be frozen or sanctioned by foreign governments.

On May 5, 2026, researchers from Cleveland Clinic, RIKEN, and IBM successfully simulated a 12,635-atom protein complex using quantum-centric supercomputing, a problem relevant to drug discovery that classical computing could not match at comparable speed and accuracy.

Equities rallied after President Trump announced an agreement with Iran to end their conflict and reopen the Strait of Hormuz. The S&P 500 and the NASDAQ finished the holiday-shortened week with solid gains, led by the technology sector.

U.S. equities posted a modest advance during the holiday-shortened trading week despite a Wednesday sell-off following a more hawkish than expected Federal Reserve meeting under its new chair, Kevin Warsh.

Here’s the setup most investors are underrating right now. Over the next two weeks, the tape will trade on plumbing rather than fundamentals. We just cleared the largest options expiration in history. Quarter-end pension selling comes next, and then July 1 reopens the passive-money firehose into a market that already routes forty cents of every S&P 500 dollar into ten stocks.

The US-Iran conflict – and its impact on oil prices – has dominated headlines over the past three months. Higher oil prices have pushed inflation to a three‑year high, reshaping the Federal Reserve’s rate outlook.

Humanoid robots grab headlines, but they are just a fraction of the physical AI ecosystem. Autonomous robots, drones, cobots, and eVTOLs are rapidly scaling across industrial and defense sectors.

On Monday, President Donald Trump announced that the U.S. and Iran have reached a peace deal to reopen the Strait of Hormuz, the 21-mile chokepoint through which roughly 20% of the world’s oil supply normally flows.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

The emergence of leveraged ETFs tied to Space Exploration Technologies (more familiarly known as SpaceX) points to strong investor demand for concentrated exposure.

Investors have plenty of reasons to celebrate the covered call ETF boom. Covered call strategies have offered new ways to add income to portfolios. Challenges in fixed income were a catalyst for assets to flow into traditional covered call ETFs.

We all know that Congress is never going to allow Social Security not to be paid. This begs a number of questions. Will the shortfall be addressed by tax increases, benefit reductions, increasing the retirement age, changing the inflation measures, means testing or some combination of these and other solutions?

Co-packaged optics, the technology of integrating lasers and optical components directly into network switches rather than using pluggable modules, is becoming the standard architecture for large-scale GPU clusters, and Nvidia needed to lock in supply for the buildout it is planning.

It’s a busy finish to the first half on the corporate event calendar. The bulls have the lead, but the bears have had their moments of glory so far this year. A handful of key AGMs, conferences, and earnings events will keep investors on their toes amid a colorful macro backdrop.

The questions in our inbox have gotten louder lately. Are we reliving 1999? Has the tech rally reached the dangerous ‘Euphoria’ bubble stage we first discussed in our 2026 Outlook? And is the recent surge in initial public offerings (IPOs)— led by SpaceX on Friday— diluting existing holders just as valuations were already drawing scrutiny?

The catalyst that turns a healthy pullback into something deeper won’t be a single oil-soaked CPI print. It’ll be the moment forward earnings expectations start to roll over while valuations sit at the high end of history. We aren’t there yet.

The slippery slope never fails. Go back to the 1979 Chrysler bailout and we can find the roots of the US government’s current predilection for getting involved in stocks and bonds.

On June 12, SpaceX went public with a US$2 trillion valuation—the largest initial public offering (IPO) ever, by far. It has been the most anticipated IPO in more than two decades and likely ushers in a series of high-profile IPOs in the coming months, including for OpenAI and Anthropic.

Markets returned to positive territory for the week, with the turning point occurring Thursday after the announcement of a potential deal with Iran that would extend the ceasefire while reopening the Strait of Hormuz for the first time since February 27.

The Iran conflict, inflation reports, and the largest initial public offering of all time each took its turn in the spotlight last week. The fragile ceasefire with Iran looked ready to collapse after Iran shot down a U.S. Apache helicopter, and the U.S. retaliated with strikes on Iran.

New Federal Reserve Chairman Kevin Warsh will preside over his first Federal Open Market Committee (FOMC) meeting on June 16-17, stepping in at a complex moment with inflation at a three-year high as oil prices remain elevated, labor market risks easing with job growth averaging ~140,000 year to date versus only 10,000 last year, and hawkish voices on the Fed gaining traction.

The U.S. initial public offering (IPO) market appears to be entering one of its most consequential periods in years. After a long drought following the 2021 issuance boom, a healthier macro backdrop, improved risk appetite, and a long queue of mature private companies have reopened the new-issue window.

This week the Fed has its first meeting under new Chair Kevin Warsh. For only the third time in US history, the former Chair, Jerome Powell, will still participate as a regular member of the Board of Governors.

Gold has always had a way of testing investors’ expectations. Just when the headlines appear most supportive—inflation is rising, geopolitical risk is escalating and confidence in fiat currency is being questioned—gold can suddenly move in the opposite direction.

Several ETFs have added exposure to Space Exploration Technologies (SPCX) after the aerospace giant completed the largest initial public offering in market history. Trading on the Nasdaq, SpaceX surged 19% from its initial $135 offering price to close at $160.95 per share, notching a historic $2.1 trillion valuation. Actively managed ETF vehicles were able to use their operational flexibility to add positions in SpaceX at its debut.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

Discover how Capital Group’s active CGGR ETF navigates this mega-cap divergence to uncover secular growth beyond tech.

Despite everything we have seen in the economic data, which can be confusing, the US consumer has refused to crack. My friend Dr. Ed Yardeni, whom I have known since '98, has the most compelling explanation I have heard for why.

The ETF industry has reached a historic turning point. Vanguard has officially surpassed BlackRock’s iShares to become the largest ETF provider. The milestone underscores a broader structural shift among investors prioritizing low-cost investments in portfolio allocations.

At a time when the cost of living is rising and market volatility appears to be rising, too, investors may be looking for current income to bolster their portfolios. Current income can especially help investors at or near retirement to adapt to retired life.

The word seems to be spreading that small- and micro-cap stocks have so far been enjoying a stellar 2026. What seems less well known is that the current cycle of market leadership for the two asset classes stretches back to 2025 and has been in place for 14 months.

Dispersion continues to be the definitive story of 2026. As we progress through June and approach the conclusion of the first half of the year, the equity landscape remains distinctly bifurcated. Pockets of deep structural growth stand in contrast to areas grappling with macro headwinds.

In this month’s Allocation Views, strong corporate fundamentals and resilient growth fuel our continued optimism toward equities into June, despite persistent inflation and more restrictive monetary policy.

In addition to a greater range of chips supporting AI development, several factors could cause the current cycle to last longer than expected.