Outlook 2026: The Age of Alpha

Author: Fidelity International

Inflation re-emerging. Growth under pressure. Concerns about an AI bubble. Fidelity International’s annual Outlook guides you through all these themes and more, helping you build resilient portfolios for an uncertain world.

Originally published in November 2025 by Fidelity International. 

Highlights

  • Time to broaden horizons: The environment heading into 2026 is constructive for risk assets. But there are structural shifts to watch: AI-led capex trends, global fragmentation, Fed independence, equity market concentration, and a depreciating dollar
  • AI calculations dominate: The AI investment boom is a game-changing trend that will continue to push corporate earnings higher, but the rewards in some areas may not match the exuberance of both real world and stock market investors. For 2026 we widen the search for investment returns that will stay the course
  • Capitalizing on technology and corporate reforms: Asian markets weathered 2025 better than expected. Amidst profound technological and geopolitical change, the region’s resilience should not be underestimated
  • Fidelity Analysts: AI is starting to make itself useful to business: We ask our research team what AI means for company fundamentals and where they’re seeing the real-world benefits start to show up

 

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Author

Fidelity International
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