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1. Inflows into U.S. stocks are running at record levels as they have re-accelerated in recent months.

In some ways, these inflows from abroad are unsurprising. The whole world has wanted in on the U.S.-led AI boom this year.

What's more, the U.S. share of global equity market cap has risen to as much as 70% by some measures. So foreign allocation to U.S. stocks is still extreme, even if more of the dollar exposure is now hedged.

Can it continue?

Where non-U.S. investors put their next marginal dollar could depend largely on the answers to three market-specific questions for 2026: Are U.S. stocks too expensive? Can U.S. earnings remain so robust? And is AI a bubble?

2. Power supply and grid reliability are taking center stage in the current discussion of what’s next for AI.

“We expect the US electric system will require 100-200 gigawatts of new supply over the next decade and significant investment in the electric grid,” write analysts at UBS. The US power system faces formidable challenges in affordability, reliability, regulation, legislation and the supply chain, they add. “

As AI capabilities continue to increase at a non-linear rate, we believe that AI Infrastructure stocks, especially those that can de-bottleneck data center growth, will continue to rise in value,” Morgan Stanley analysts write.

Below: Capacity cannot keep up with demand

3. Fanuc is collaborating with Nvidia to implement physical AI in industrial robots, according to a statement dated Monday.

Fanuc robots will realize a “digital twin” in a virtual factory using Nvidia’s Isaac Sim platform.

Below: Fanuc versus Nvidia. The “humanoid” trade is on.

4. Morgan Stanley calls Melexis a hidden “humanoid play”.

5. What is an AMR warehouse?

AMR stands for Autonomous Manoeuvrable Robots.

AMR warehouse robots are advanced robots designed to navigate and perform tasks within logistics warehouse environments without human intervention.

Equipped with sophisticated sensors, cameras, and navigation systems, AMRs can map their surroundings, detect obstacles, and determine the most efficient paths to complete their tasks.

Growth is exponential.

Here is the competitive landscape.

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