Tom Bruce believes that the positive market trends of 2025 are likely to extend into 2026. He notes that A.I. will continue to drive productivity and earnings. However, Bruce cautions that a shift in the A.I. sector from broad gains to specific winners and losers could increase market volatility. He also suggests that while interest rate cuts by the Federal Reserve have been a tailwind, long-term rates might rise due to U.S. government debt and A.I. investments, potentially impacting the housing market.