Higher, For Longer? Stocks, Inflation, and AI Spending

Higher, For Longer? Stocks, Inflation, and AI Spending

This week, we take a step back to examine the forces shaping today's market environment.We discuss:• Why stocks continue to push higher despite elevated interest rates• The latest inflation report and what is really driving prices higher• How energy markets and potential U.S.–Iran peace negotiations could impact inflation• Why artificial intelligence is becoming an unexpected source of inflationary pressure• The growing concern around AI infrastructure spending and whether the returns will justify the costs• How AI companies may eventually need to rethink pricing as demand for advanced models explodesWith inflation, interest rates, energy prices, and AI investment all colliding, investors are facing a rapidly changing landscape. We break down what matters most and what we're watching going forward.Subscribe for weekly macro updates and portfolio strategies.Visit our website: https://fortllc.com/Reach out: fsa@fortllc.com#Investing #StockMarket #Inflation #ArtificialIntelligence #AI #FederalReserve #Markets #Economy #Nasdaq #SP500 #interestrates ___________________________________________________________________________Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. This presentation is not intended to be relied upon as forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date noted and may change as subsequent conditions vary. The information and opinions contained in this presentation are derived from proprietary and nonproprietary sources deemed by Fort Sheridan Advisors, LLC to be reliable. The presentation may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projection and forecasts. There is no guarantee that any forecast made will materialize. Reliance upon information in this presentation is at the sole discretion of the investor. Please consult with Fort Sheridan Advisors, LLC financial advisor to ensure that any contemplated transaction in any securities or investment strategy mentioned in this presentation align with your overall investment goals, objectives and tolerance for risk. Additional information about Fort Sheridan Advisors, LLC is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report which are accessible online via the SEC’s Investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using SEC # 801-70517. Fort Sheridan Advisors, LLC is neither an attorney nor an accountant, and no portion of this content should be interpreted as legal, accounting or tax.

Tapping the Equity Capital Markets

Alphabet just raised $85 billion in equity for the first time in over 20 years to fund its massive AI infrastructure buildout. At the same time, potential mega-IPOs from SpaceX, Anthropic, and OpenAI could unleash hundreds of billions in new stock supply. In this week's market update, we discuss: • Why Alphabet raised equity instead of relying on cash or debt • The growing capital intensity of AI and data center investments• What falling free cash flow means for investors • SpaceX, Anthropic, and OpenAI's potential IPOs • Whether markets can absorb a wave of new equity issuance • Why the next technology cycle may look very different from the last The biggest question: Will AI investments generate returns that justify the unprecedented spending? Subscribe for weekly macro updates and portfolio strategies. Visit our website: https://fortllc.com/ Reach out: fsa@fortllc.com #AI #Alphabet #Google #OpenAI #SpaceX #Anthropic #Investing #StockMarket #TechnologyStocks #MarketUpdate __________________________________________________________________________ Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. This presentation is not intended to be relied upon as forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date noted and may change as subsequent conditions vary. The information and opinions contained in this presentation are derived from proprietary and nonproprietary sources deemed by Fort Sheridan Advisors, LLC to be reliable. The presentation may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projection and forecasts. There is no guarantee that any forecast made will materialize. Reliance upon information in this presentation is at the sole discretion of the investor. Please consult with Fort Sheridan Advisors, LLC financial advisor to ensure that any contemplated transaction in any securities or investment strategy mentioned in this presentation align with your overall investment goals, objectives and tolerance for risk. Additional information about Fort Sheridan Advisors, LLC is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report which are accessible online via the SEC’s Investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using SEC # 801-70517. Fort Sheridan Advisors, LLC is neither an attorney nor an accountant, and no portion of this content should be interpreted as legal, accounting or tax.

AI Beneficiaries: Biopharma

In this week's market update, we explore why biopharma may be one of the most compelling long-term beneficiaries of AI. While much of the market's attention has focused on companies building AI infrastructure and models, we believe the larger opportunity may lie in industries where AI can improve productivity, reduce costs, and accelerate innovation. Topics covered include: • Why biopharma's high R&D spending makes it a natural candidate for AI adoption • The industry's growing productivity challenges and how AI may help address them • Recent scientific breakthroughs from companies like Eli Lilly and Company and Verve Therapeutics • The rise of AI-driven drug discovery platforms, including Isomorphic Labs • Increasing AI investment from major pharmaceutical companies • Why biopharma may be positioned for improved fundamentals after years of underperformance As always, if you have questions or would like to discuss potential investment opportunities, please feel free to reach out. Subscribe for weekly macro updates and portfolio strategies.Visit our website: https://fortllc.com/Reach out: fsa@fortllc.com #ArtificialIntelligence #AI #Biotech #Biopharma #Investing #StockMarket #HealthcareInnovation #DrugDiscovery #MarketUpdate #WealthManagement #FortSheridanAdvisors _______________________________________________________________ Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. This presentation is not intended to be relied upon as forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date noted and may change as subsequent conditions vary. The information and opinions contained in this presentation are derived from proprietary and nonproprietary sources deemed by Fort Sheridan Advisors, LLC to be reliable. The presentation may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projection and forecasts. There is no guarantee that any forecast made will materialize. Reliance upon information in this presentation is at the sole discretion of the investor. Please consult with Fort Sheridan Advisors, LLC financial advisor to ensure that any contemplated transaction in any securities or investment strategy mentioned in this presentation align with your overall investment goals, objectives and tolerance for risk. Additional information about Fort Sheridan Advisors, LLC is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report which are accessible online via the SEC’s Investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using SEC # 801-70517. Fort Sheridan Advisors, LLC is neither an attorney nor an accountant, and no portion of this content should be interpreted as legal, accounting or tax.

Powering Up: Energy Demand to 2050

The world is about to add the equivalent of four US power grids in the next 25 years — and AI is a big reason why. That's one of the headline takeaways from Bloomberg New Energy Finance's New Energy Outlook 2026, released earlier this week. What's notable is that this isn't a clean energy vs fossil fuel story — it's a demand growth story, with fossil fuels still accounting for ~70% of global energy demand in 2050 even as renewables triple their share. In our latest weekly update, we walk through what BNEF's outlook means for investors today. A few numbers that stood out:-The world needs to add the equivalent of four US power grids by 2050-Data centers alone will consume more electricity than the entire US within 25 years-Solar overtakes coal as the world's #1 power source by 2032-US natural gas generation grows ~34% by 2035 — the quiet anchor of the AI buildout-Tech and communications now make up nearly half the S&P 500. The energy sector that powers it? Just 3.4%The AI buildout isn't just a technology cycle — it's an energy and infrastructure cycle. We highlight three areas where investors may find longer-term opportunities: power equipment and the grid, the natural gas value chain, and mature clean-tech.Subscribe for weekly macro updates and portfolio strategies.Visit our website: https://fortllc.com/Reach out: fsa@fortllc.com#Investing #StockMarket #energy #ai ___________________________________________________________________________Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. This presentation is not intended to be relied upon as forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date noted and may change as subsequent conditions vary. The information and opinions contained in this presentation are derived from proprietary and nonproprietary sources deemed by Fort Sheridan Advisors, LLC to be reliable. The presentation may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projection and forecasts. There is no guarantee that any forecast made will materialize. Reliance upon information in this presentation is at the sole discretion of the investor. Please consult with Fort Sheridan Advisors, LLC financial advisor to ensure that any contemplated transaction in any securities or investment strategy mentioned in this presentation align with your overall investment goals, objectives and tolerance for risk. Additional information about Fort Sheridan Advisors, LLC is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report which are accessible online via the SEC’s Investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using SEC # 801-70517. Fort Sheridan Advisors, LLC is neither an attorney nor an accountant, and no portion of this content should be interpreted as legal, accounting or tax.

A look at the Potential for Higher Interest Rates

This week, we break down the growing tension in the fixed income market as inflation reaccelerates, Treasury yields approach 20-year highs, and investors rethink the path of interest rates. We discuss: • Why April inflation surprised to the upside• How energy prices and the Iran conflict are impacting markets • Why stocks continue to remain resilient despite higher rates • The similarities — and major differences — between today’s inflation cycle and the 1970s • What the market is now pricing in for Federal Reserve policy through 2027 • Why higher Treasury yields may be creating attractive opportunities for income-focused investors As inflation remains sticky and rate cuts get pushed further into the future, the question becomes whether this is simply a temporary bump higher — or the beginning of a more persistent inflationary cycle. We also discuss why today’s environment may look very different from the 1970s and how investors can think about positioning portfolios in a world of structurally higher interest rates. If you’d like to discuss Treasury strategies, portfolio positioning, or broader market conditions, feel free to reach out. Subscribe for weekly macro updates and portfolio strategies. Visit our website: https://fortllc.com/ Reach out: fsa@fortllc.com #Investing #StockMarket ________________________________________________________________________________ Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. This presentation is not intended to be relied upon as forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date noted and may change as subsequent conditions vary. The information and opinions contained in this presentation are derived from proprietary and nonproprietary sources deemed by Fort Sheridan Advisors, LLC to be reliable. The presentation may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projection and forecasts. There is no guarantee that any forecast made will materialize. Reliance upon information in this presentation is at the sole discretion of the investor. Please consult with Fort Sheridan Advisors, LLC financial advisor to ensure that any contemplated transaction in any securities or investment strategy mentioned in this presentation align with your overall investment goals, objectives and tolerance for risk. Additional information about Fort Sheridan Advisors, LLC is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report which are accessible online via the SEC’s Investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using SEC # 801-70517. Fort Sheridan Advisors, LLC is neither an attorney nor an accountant, and no portion of this content should be interpreted as legal, accounting or tax.