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Experts
November 4, 2025

Syconvictions - October 2025

It has now been a year since Donald Trump’s election and the implementation of his disruptive programme, and the time has come to look at the implications and draw the first lessons for capital markets.

Some aspects have not changed: stock market leadership has remained narrowly concentrated. The AI theme is capturing the lion’s share of investments and market momentum. No investment in AI spells no economic growth in the US. And no growth for AI-related companies means zero earnings growth for the S&P500.



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Syconvictions - October 2025

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