Editorial companion

What stands out

Mike Dickson opened his midyear review by pointing out something investors quietly want to hear: inflation has eased even as geopolitical tensions persist. He then turned to a cleaner structural shift, noting that artificial intelligence is spreading beyond the hyperscalers into a broader roster of companies, and he used small cap performance as a quick barometer for market breadth. That combination, softer inflation, AI diffusion, and a small cap pulse, matters because it changes where returns will come from and which risks deserve capital.