The Penn Valente Group at Baird

If a large amount of wealth has suddenly come your way, there are new and important decisions to make. Use these tips to help make sure your newfound money stays protected.

8 Tips for Managing Sudden Wealth With great wealth comes great responsibility. Here’s how to make smart, confident decisions with newfound money.

There’s been growing hype about IPOs, but is it warranted?

In the Markets Now: Inspecting IPOs

With all the recent headlines on AI buildout, thought I'd share a different perspective on the "is the AI Boom over" debate.

First off, I don't think it is.

But, a lot of investors are starting to question whether AI has become overhyped, especially after some of the biggest winners have experienced sharp pullbacks. That said, when you look beneath the surface, the story still appears to be driven by one thing: real demand.

For example, there's strong growth in AI usage, rapidly rising revenue at AI companies and labs, hyperscalers (Microsoft, Amazon, Google, Meta, and Oracle) continuing to increase capital spending and ongoing shortages in compute power, networking, memory, data centers, and energy infrastructure

In other words, demand is growing faster than the infrastructure can be built.

That's typically not what bubbles look like.

What's also interesting is who is doing the spending. These aren't speculative investors chasing the latest trend. They're some of the strongest balance sheets in the world investing hundreds of billions of dollars because they believe the opportunity is real.

If AI-related capital spending approaches $1 trillion by 2027, the "picks and shovels" of the AI buildout may still have significant runway.

That said, my biggest concern isn't demand.

It's ROI.

At some point, investors will ask, "If Microsoft, Amazon, Google and Meta spend hundreds of billions on AI infrastructure, what return are shareholders getting?"

That question hasn't been fully answered yet.

For now, the market is willing to fund the buildout. Eventually, it will demand proof that all this spending translates into sustainable profits.

My takeaway: I don't think we're in the late innings of AI. We may simply be moving from the semiconductor inning to the infrastructure inning. Demand still appears stronger than supply, which is generally bullish for the companies building the backbone of the AI economy, even if individual AI stocks experience periods of volatility. The theme appears intact. The winners over the next five years, however, may not be the same winners as the last three.



AV

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Equity markets fell on Tuesday as geopolitical tensions ramped up and global bond yields spiked.

In the Markets Now: Selloff Summary for January 20, 2026

What if your Social Security check was 20% lower than expected?

Could your retirement plan absorb the difference?

While Social Security isn't disappearing, policymakers may eventually need to make changes to keep the program financially sound. That's why I encourage clients to view Social Security as one component of a broader retirement income strategy and not the entire strategy.

The most successful retirees typically have multiple income streams: • Social Security
• 401(k)s and IRAs
• Taxable investments
• Pensions (if available)
• Other income sources

A simple question worth considering:

If your Social Security benefit changed tomorrow, would your retirement plan change with it?

That's a good stress test for any retirement plan.

When it comes to investing, you may be your own worst enemy.

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