At the turn of the year, it is worth looking back at key market events in 2025. While the first half of the year was dominated by US president Donald Trump’s trade war, in the end, it paled in comparison to the impact of AI on both financial markets and the real economy. On US tariffs, the impact appears to have been limited so far. Despite the negativity around tariffs, AI continued to underpin US equity markets in 2025, with the S&P 500 up 17%, driven by the ‘Magnificent 7’ stocks. The exceptional investment boom in AI infrastructure, including energy and data centres, is now a key driver of US GDP growth.

Source: Irish Examiner January 05, 2026 15:15 UTC