January 16, 2026

Markets:

Stock futures rose Friday as Wall Street tried to end the week on a high note.

The major averages are coming off a winning session thanks to gains in chip stocks. Taiwan Semiconductor led the advance after a blowout fourth-quarter report. Further, the U.S. and Taiwan reached a trade agreement in which Taiwanese chip and tech companies will invest at least $250 billion in production capacity in America.

Bank stocks also got a boost after Goldman Sachs and Morgan Stanley posted solid fourth-quarter results. Goldman shares gained more than 4%, while Morgan Stanley added nearly 6%.

Investors are preparing to close out a hectic week. They’ve been grappling with a slate of headlines out of Washington, running the gamut from heightened geopolitical risk in Iran and Greenland to worries over threats to the Federal Reserve’s independence.

European stocks were slightly lower on Friday as investors continue to monitor geopolitical tensions.

Portfolio:

We head into the final trading session of the week holding active setups in SKYT, ONDS, SATL, and TSLL.

Momentum continues to build, and we are increasingly excited as tech earnings move into the spotlight over the next several weeks. A comment this morning from Dan Ives perfectly captures the opportunity ahead. He noted that Big Tech is seeing robust AI-driven enterprise demand, calling this a “mid-1996 moment” for technology — not a 1999-style bubble. We couldn’t agree more.

We are still in the early innings of this cycle. As we’ve said before, this phase is about the buildout. The real acceleration comes as AI becomes fully integrated into everyday life — from healthcare and robotics to quality-of-life improvements across industries. The idea that this is a bubble misses the bigger picture. This is not excess — it’s an upgrade.

With the long holiday weekend in the U.S., we’ll be using the time to focus on emerging themes for early 2026. Several sectors are already attempting to assert leadership, including memory, energy, drones, space, data centers, and hyperscale chips. Some names are beginning to separate, and our goal is to construct the right basket before shifting into full attack mode.

This approach has served us well in recent years. Every cycle brings new leaders — and the time to prepare is now.