Bloomberg Surveillance Santa Rally Optimism Grows as Stocks Hold Near Record High
Dec 24, 2025
Robert Teter, Chief Investment Strategist at Silvercrest Asset Management, discusses the intriguing disconnect between robust GDP growth and a softening labor market, while forecasting a promising outlook for earnings in 2026 driven by AI. Peter Cheer, Head of Macro Strategy at Academy Securities, analyzes macroeconomic conditions and highlights emerging investment opportunities tied to national security. Both guests emphasize the evolving landscape of consumer spending, particularly the shift towards wellness and experiential purchases.
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Consumers Prefer Experiences Over Goods
- Consumers are shifting spending toward services and experiences rather than goods.
- Larson's survey shows many prefer events and experiences over physical gifts going forward.
Production For Security Shapes Investment
- Peter Cheer expects policy-driven 'production for security' to drive domestic manufacturing and investment.
- He sees governments and asset managers aligning on reshoring chips, electricity, and critical supply chains.
Risk: An AI Spending Diet
- Cheer warns of an 'AI spending diet' where users, not hyperscalers, may slow AI investment if benefits are unclear.
- Reduced corporate AI spend would be the biggest market risk into next year.