The calendar is flipped to 2026.

So where are we investing?

Motley Full Money starts now.

Welcome to Motley Full Money. I'm Travis Hoym., joined by Lou Whiteman and Emily Flippin.

And since the calendar has now moved to 2026, we're recording this a couple of days early so that we can have a little bit of time later in the week.

But we are thinking a lot about how we're investing in 2026, what the economy looks like, where there's

value, maybe where we should be selling a little bit. So I wanted to start with a couple of

different themes and the biggest thing that we have to talk about. This has been the topic of

the market for the last three years. That's artificial intelligence. Where are you looking

at the AI trade in 2026, Lou?

And you can take this in any number of different directions.

Is there risk?

Is there opportunity?

Or is this just something that you're monitoring from the sidelines and going, you know what?

This is accounting for 50% of GDP growth.

That's a pretty notable change in the way that we think about AI. The first thing is it's 2026 and wow, we're still doing this instead of AI. So cheers to us for that, right? The disruption has not hit us yet. Yeah, yeah, not yet. Famous last words. So you know what strikes me about AI? And I've been thinking about this a lot is that, you know, the novelty is over. The magic is gone. When ChatGPT first came on the scene and it was wow,

it was magic. And it was all this talk about virtual friends, you know, doing all these chores for us.

And, you know, just kind of what was new and magic before is now sort of mundane. And I think

the answer from here is kind of boring.

I think this is going to be the year of the agents of all of this stuff. Wasn't 2025 supposed to be

the year of agents? Well, it was and maybe that was the work. But here's what I think is happening

here. Again, it's not going to be the cool magical stuff. They're not going to be planning our vacations or doing these wow tasks, but there is just all

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