Equity

The consumer industry has been transformed by greater transparency, digital distribution and lower barriers to entry. Now, AI looks set to accelerate these trends. While it may unlock efficiency gains, it could also challenge traditional brand power and intensify competition. Which companies are best positioned to adapt? The International Equity Team examines how AI may reshape the next phase of consumer markets.

Despite all the rhetoric coming from Washington, Mexico’s exports to the United States reached record highs in 2025. But as Jitania Kandhari points out, the country’s outlook is shaped by more than just international trade. Much of Mexico’s future growth will depend on how effectively President Sheinbaum’s new administration can improve internal security, spark domestic expansion and encourage private investment.

We follow up on our recent report that argued that forecasters should start with base rates and update views over time. We got questions about inflation, reference classes, and groundbreaking technologies. Comparing projections for OpenAI to base rates revealed they are highly improbable. Factors in their favor are rapid adoption, high one-year growth, and the past growth of intangible-heavy firms. But there have been other disruptive innovations, and most of the top growers did so through M&A.