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What stands out

Qian Wang, Vanguard's global head of capital market research, opened the midyear outlook by saying artificial intelligence (AI) is already driving strong earnings growth, while conceding markets may have priced much of that upside. The argument reframes AI from a headline-grabbing frenzy to a productivity-led earnings story that can, in theory, justify higher market levels. She also flagged market concentration, meaning gains could be uneven and dependent on a handful of firms leading adoption.