AI is driving a historic global earnings boom.

The proportion of countries where earnings are estimated to decline YoY is down to ~5%, its lowest level since 2021. This is also comparable to the lows seen in 2004-2006 and 2010-2011, following the recovery from the 2008 Financial Crisis. By contrast, this reading spiked above 90% during the Financial Crisis and the 2020 pandemic. Meanwhile, the MSCI All-Country World Index (MCWI) is up 13.4% year-to-date, and trading near its all-time high. The index is on track for its 4th consecutive double-digit annual gain, following a +20.7% increase in 2025, +15.7% in 2024, and +20.2% in 2023. The global bull market is broadening.

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