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The Business Times

Ruchir Sharma

CHAIR OF ROCKEFELLER INTERNATIONAL

So far in 2025, every major sector from utilities and industrials to healthcare and banks has fared better in the rest of the world than in America. This suggests that if AI does not deliver for the US as anticipated, the country's economy and markets will lose the one leg they are now standing on.
THE BOTTOM LINE

America is now one big bet on AI

It is difficult to spot symptoms of repression among the Chinese shoppers in luxury stores from Shanghai to Paris.

The myth of the suppressed Chinese consumer

People walk along the shore of lake on a warm spring afternoon in Zurich, Switzerland April 30, 2025. REUTERS/Stefan Wermuth

The world’s strongest currency is also super-competitive 

Sweden has 45 billionaires, about 1.5 times more per capita than the US, which is often said to be enjoying a new gilded age.
THE BOTTOM LINE

Sweden: a socialist paradise overflowing with billionaires

Having more than tripled their American equity holdings to US$20 trillion over the past decade, foreigners now own 30 per cent of the US stock market, a record high.
THE BOTTOM LINE

The end of American exceptionalism goes way beyond Trump

The broad Chinese market has fallen sharply this decade for a variety of reasons, but it was wrong for investors to dismiss it as uninvestable.

Is China investable again?

American consumers have not been more bullish on US stocks since surveys began tracking this sentiment. Momentum investing looks poised to crash in a way that could hit many investors hard.

Top 10 trends for 2025

US earnings growth would not look so exceptional if not for the supernormal profits of its big tech firms, and massive government spending.

How ‘the mother of all bubbles’ will pop

America’s share of global stock markets is far greater than its 27 per cent share of the global economy.

The mother of all bubbles

A Trump victory parade in West Palm Beach, Florida, on Nov 17, 2024. What’s fuelling the protest vote in America is an erosion of faith in the economic future.
THE BOTTOM LINE

Trump’s victory represents a historic protest vote, no more and no less

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MDDI (P) 046/10/2024. Published by SPH Media Limited, Co. Regn. No. 202120748H. Copyright © 2025 SPH Media Limited. All rights reserved.

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