Based solely on the provided article body, ChatGPT identified four forces shaping portfolios in 2026. First, AI is driving a disproportionate share of index performance, primarily through Nvidia, AMD and Broadcom, expanding into utilities, power infrastructure and data center companies. Second, inflation has remained stickier than expected, pushing the Federal Reserve to keep rates elevated longer than anticipated, which creates pressure on older bond funds and makes growth stocks more volatile. Third, Middle East tensions and ongoing supply uncertainty have pushed energy prices higher, feeding into inflation and delaying potential rate cuts. Fourth, while economic data at the headline level still looks relatively solid, underneath it, a different picture is emerging as many households are weakening.