There’s more to growth than AI

Richard Bernstein Advisors

Richard Bernstein

Research

8 Pages

Richard Bernstein Advisors argues that tighter liquidity and broadening global profit growth are creating opportunities beyond AI and the Magnificent 7. With non US earnings cycles accelerating and market breadth recovering from its narrowest stretch in 35 years, fundamentals may be regaining influence over momentum.

Key Takeaways

Global growth broadens: Among ACWI stocks with five year consensus EPS growth above 25%, only one Magnificent 7 company appears, highlighting growth beyond mega cap technology.
Breadth rebounds: From 2023 through 2025, S&P 500 market breadth was the narrowest in 35 years and persisted longer than the 1998 and 1999 Technology Bubble.
Leadership expands: Five broad US and global indices outperformed the Magnificent 7 through June 2026, suggesting leadership is already broadening beyond recent winners.
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