Fort Sheridan Advisors

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.

Big Earnings, Bigger Spending, Biggest Questions

Q1 earnings are surprising to the upside, AI infrastructure spending is accelerating toward $1 trillion, and semiconductor companies now make up nearly 20% of the S&P 500. In this week’s market update, we break down: • S&P 500 earnings growth tracking above expectations • Rising forward earnings estimates for 2026 and 2027 • AI capex becoming one of the largest industrial buildouts in U.S. history • The sustainability of semiconductor companies capturing a disproportionate share of AI profits • Why supply constraints in chips and memory support current pricing power and margins, but are inviting new competition Subscribe for weekly macro updates and portfolio strategies. Visit our website: https://fortllc.com/ Reach out: fsa@fortllc.com #Investing #StockMarket #earningsupdate _______________________________________________________________ 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.

Apple, AI and Earnings

Apple’s Next CEO, AI Spending Surge, and What to Watch This Earnings Season Apple is entering a new era. After 15 years under Tim Cook, John Ternus is stepping in, and his biggest challenge is clear: fixing Apple’s position in AI. Can Siri finally become useful, and can Apple compete with leaders in artificial intelligence? At the same time, the AI arms race is heating up. Over $100 billion in new deals signals one thing: compute power is now the biggest competitive advantage. But with massive spending comes a key question: will the returns justify it? We also break down what to watch as nearly half of the S&P 500 reports earnings: * Is AI demand real or overhyped? * Are companies actually seeing productivity gains? * Will rising energy prices pressure margins? This week is packed with signals that could shape markets for the rest of the year. Subscribe for weekly macro updates and portfolio strategies. Visit our website: https://fortllc.com/ [https://fortllc.com/] Reach out: fsa@fortllc.com #Investing #StockMarket Apple stock, AI investing, artificial intelligence, S&P 500 earnings, market outlook, tech stocks, macro trends, investment strategy _______________________________________________________________ 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.