Micron Technology, Inc.

SK hynix Inc.

Samsung Electronics Co., Ltd.

At the end of 2025, the global semiconductor market is facing an acute shortage of memory chips. The three largest players - Micron, SK Hynix and Samsung Electronics - <a href="https://counterpointresearch.com/en/insights/global-dram-and-hbm-market-share">control </a> almost the entire memory market for AI gas pedals, with their shares rising 253.6%, 256% and 178% respectively over the year. Memory issues are already a structural problem, without the solution of which it is impossible to further scale AI.

The memory limit: How chip shortages are driving up prices and slowing down the AI boom

In 2025, emerging market stocks confidently<a href="https://www.marketwatch.com/story/how-emerging-markets-stocks-can-keep-trouncing-the-s-p-500-3717fc49"> outperformed</a> US stocks, which was one of the main surprises of the outgoing year. By December 29, the gap in growth dynamics between the MSCI Emerging Markets (judging by <a href="https://finance.yahoo.com/quote/EEM/">the</a> largest <a href="https://finance.yahoo.com/quote/EEM/">ETF</a> following it) and the S&amp;P 500 exceeded 12 percentage points. This is like a "stretched rubber band," says Arjun Jayaraman of Causeway Capital Management: US stocks have significantly outperformed emerging markets for a long time. And now a correction has occurred.

Investor geography: which countries to look to for promising ideas in 2026 

The S&amp;P 500 Index has added 17.9% since the beginning of the year, above its historical average of 10.6% over the past 68 years.

Investment banks have compiled a list of risks to the S&amp;P 500 in 2026

Rheinmetall AG

Saab AB (publ)

Leonardo S.p.a.

Hensoldt AG

Indra Sistemas, S.A.

On December 16, shares of defense companies in Europe slightly recovered the morning decline. At the opening, the securities were getting cheaper on US President Donald Trump's statement that the truce between Russia and Ukraine is "closer" than ever. Over the past week, the STOXX Europe Aerospace &amp; Defense index <a href="https://stoxx.com/index/sxparo/">fell</a> by 2.8%. However, several investment banks wrote that European defense companies are at the beginning of a long growth cycle that will last at least until 2030.

Defense stocks are falling. Why investment banks do not write them off their accounts

Over the past three weeks, investment banks have reduced their forecasts for the price of Brent oil for 2026 and 2027, according to Bloomberg consensus data, which were reviewed by Oninvest. The average expected oil price for 2026 decreased by 1.6% to $61.9, and for 2027 - by 2% to $66.5. Deutsche Bank has the most pessimistic forecast for next year among investment banks - $55 per barrel.

Threats at sea and onshore: what will affect the oil market in 2026

HSBC Holdings plc

ASML Holding N.V.

AstraZeneca PLC

Vonovia SE

Societe Generale Societe anonyme

UniCredit S.p.A.

Veolia Environnement SA

BASF SE

LVMH Moet Hennessy - Louis Vuitton, Societe Europeenne

After the fall rally, the U.S. has all but exhausted its undervaluation, while Europe has not. According to Morningstar, European companies are <a href="https://global.morningstar.com/en-nd/markets/is-now-good-time-buy-european-stocks">trading</a> at 0.96 price/fair value - nearly 4% below fair valuation. The U.S., on the other hand, has moved closer to full value. Oninvest columnist Yedige Kasymzhan compared the valuations of major investment banks and found ten ideas for investment in Europe

Where to invest in Europe: 10 stocks that investment banks are betting on

NVIDIA Corporation

A breakthrough quarter, getting a third of all cloud providers' investments in AI, record revenue growth, and future growth drivers - what analysts are writing ahead of Nvidia's third-quarter reporting.

A divided market and bank optimism: Wall Street prepares for Nvidia report 

Ferrari N.V.

Ferrari, the Italian supercar maker, <a href="https://www.ferrari.com/en-EN/corporate/financial-documents">reported </a>its third quarter 2025 earnings and revenues above market expectations on November 4. About a month before that, the company experienced the largest collapse in its history, and its securities have not yet fully recovered. Investors are still wary of the company. Some consider the Italian company an example of discipline. Others believe that its management is too cautious.

Investors are still cautious about Ferrari. Are they right?  

WEC Energy Group, Inc.

Talen Energy Corporation

Alliant Energy Corporation

Entergy Corporation

Edison International

Dominion Energy, Inc.

PG&E Corporation

NRG Energy, Inc.

Barclays has named three energy companies that the bank's analytical team is wary of ahead of the publication of their reports. These are U.S. energy suppliers WEC Energy, Alliant Energy and Talen Energy. Since the beginning of the year, their shares have risen in value by 22%, 15% and 98%, respectively. They are trading near all-time highs, thanks in part to rising energy demand from data centers. Of the three, WEC Energy is the first to report on Oct. 30, Talen Energy on Nov. 5 and Alliant Energy on Nov. 6.

US energy companies reporting: 3 issuers Barclays is wary of

Yedyge Kasymzhan

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