We're just out of the recent earnings season and we've seen a wild range of results and some interesting implications. Melissa Otto CFA, head of S&P Global's Visible Alpha research team, returns to discuss what that markets have been saying and what she makes of the data with host Eric Hanselman. Macroeconomic effects are having some impact, as consumer sentiment diverges across the top and the bottom of the economy. In technology, there are mixed feelings about AI as the hunt continues for use cases with decisive revenue returns. The hyperscalers are continuing to invest capital at staggering rates and, so far, the markets have mostly approved. AI supply chain companies, like NVIDIA, are generally moving forward with solid results.

The larger question is where is the AI boom headed. There are constraints not only in supply chains for data centers, but also in energy supply. Agentic AI has a lot of promise, but needs to prove out its value and earn trust, as providers look to improve efficiency with more targeted silicon, like ASICs, to stand up alongside the forests of GPU's being deployed. As investors hunt for improved returns, they may be rotating to international opportunities and small cap companies that might be able to see faster returns from AI deployments.

More S&P Global Content:

• Next in Tech podcast: Agentic Customer Experience
• Nvidia GTC in DC Blackwell expectations increase
• Otto: Markets are grappling with how to price AI-related stocks
• Next in Tech podcast, Episode 239: AI Infrastructure

For S&P Global Subscribers:

• A view of peaks and plateaus
• AI to lead tech spending in 2026, but orgs losing track of energy efficiency – Highlights from Macroeconomic Outlook, SME Tech Trends
• Hyperscaler earnings quarterly: Alphabet, Amazon and Microsoft charge ahead on AI capacity buildouts
• Agents are already driving workplace impact and agentic AI adoption – Highlights from VotE: AI & Machine Learning
• Big Picture 2026 AI Outlook: Unleashing agentic potential

Credits:

• Host/Author: Eric Hanselman
• Guest: Melissa Otto, CFA
• Producer/Editor: Feranmi Adeoshun
• Published With Assistance From: Sophie Carr, Kyra Smith