Seana Smith of Global X Discusses Her 2026 Market Outlook on ETF TV

London, December 17, 2025 – ETF TV, the premier source for insights into the world of exchange traded funds (ETFs), issuers, and investments, is pleased to share its latest episode featuring Seana Smith, SVP & Senior Investment Strategist at Global X. Seana joins Margareta Hricova and Deborah Fuhr to examine her 2026 market outlook, focusing on the key drivers, risks and opportunities shaping markets and institutional portfolios in the year ahead. Watch the interview.

2026 Market Outlook & Strategic Themes

Positive Market Setup

• Strong Fundamentals: Earnings growth remains robust, supporting current valuations with expectations for double-digit EPS growth in 2026.
• Fed Policy Tailwind: We see one to two rate cuts in 2026 following the Federal Reserve’s December decision. The resumption of $40 billion in net asset purchases should also help support markets.
• Consumer Resilience: Despite mixed data, retail sales grew 4.3% YoY in September, and steady consumer spending boosted third-quarter earnings results from major retailers, signaling solid momentum heading into the holiday season.

Key Growth Catalyst: AI Investment Cycle

• Early Innings of AI Build-Out: Revenues tied to AI growing at double-digit rates, driving a long-term structural trend.
• Infrastructure Bottleneck: U.S. data center construction at record highs yet demand for AI compute far outstrips data center buildout.
• Monetization Supercycle: 2026 expected to be a “prove-it” year for AI, with CapEx from big tech accelerating.

Investor Concerns & Risk Factors

• Valuations: Multiples in the 20s are elevated but supported by profit margins and cash flow growth; historically, valuations have not always been a reliable short-term predictor.
• AI Bubble Fears: Global X does not see an AI bubble—growth is backed by real cash flows and infrastructure investment.
• Macro Uncertainty: Mixed signals—consumer confidence at lowest point since April, unemployment at 4.6%, inflation sticky at 2.7%—but Fed easing expected to help offset near-term weakness.

Opportunities for Institutional Investors

• AI Phase Two: Beyond mega-cap tech—focus on data centers, semiconductors, and energy infrastructure.
• Energy Trade: Rising AI-driven power demand favors uranium and natural gas as critical resources.
• Domestic Infrastructure: Long-term factors including trade policy and supply-chain resilience efforts are expected to accelerate reshoring and lead to potentially record levels of infrastructure investment, likely creating significant opportunities for U.S. infrastructure developers.

Strategic Perspective

Global X sees the path of least resistance pointing to the upside in 2026, driven by earnings strength, Fed support, and the accelerating AI investment cycle. Institutional portfolios should consider AI infrastructure, energy resources, and domestic infrastructure plays as strategic allocations.

You can watch this episode and prior episodes at: ETF TV and on YouTube.

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Thank you to Global X for sponsoring this episode. For further information on Global X visit www.globalxetfs.com.

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Disclaimer: ETF TV is a news update and is intended for informational purposes only. ETF TV does not provide investment advice nor recommend products.

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