The second quarter reminded investors that markets often climb a wall of worry. We break down where leadership concentrated, where it began to broaden, and why trend following and risk management have to work together.

At Emerald Asset Management, much of our day-to-day portfolio work involves distinguishing durable, long-term investment themes from shorter-term market narratives. Artificial intelligence increasingly falls into the former category. While the technology itself often dominates headlines, the more relevant question for investors is how AI is being built, adopted, and ultimately translated into economic value over time.