Podcast
Realistic Optimism
Will Simpson and Greg Wise
November 7, 2026
The Big Picture Hasn’t Changed
Despite a slight recovery on Friday, it was a volatile week in markets. The U.S. midterms delivered a Democratic Blue Wave, raising questions about the future direction of fiscal spending, regulation and the broader AI investment boom.
While the Democrats’ gains could mean less fiscal spending and lower yields, the longer-term implications for the AI buildout are worth watching. Several Democrats in key regions have already called for a pause in the extraordinary pace of data centre development, potentially creating another headwind for an already crowded trade.
More broadly, the week’s technology selloff highlights how quickly market leadership can change when expectations become stretched. After earnings provided a meaningful lift to markets through the first half of the year, the latest reporting season has struggled to deliver the same enthusiasm, despite continued investment in AI. As the market reassesses the next phase of the AI trade, regions and sectors with less exposure to that theme could offer some diversification. Canada is a good example.
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