The last quarter of 2025 rounded off a year marked by extraordinary advances in artificial intelligence and their impact on global capital markets. Investor enthusiasm for AI-driven growth propelled U.S. technology stocks to unprecedented valuations, with American chipmaker Nvidia becoming the world’s first company to reach a market capitalization of USD 5 trillion. Apple also briefly reached a USD 4 trillion valuation, though it closed the year below this benchmark, while Microsoft reached and sustained a USD 4 trillion market value, underscoring the dominant role of AI and cloud technologies in shaping market leadership. These developments helped drive both the NASDAQ and the S&P 500, reflecting the growing concentration of market performance among global technology leaders.
2025 was a pivotal year for global diplomacy, marked by shifting political and economic dynamics. In the fourth quarter, the United States undertook targeted enforcement actions in Venezuela related to sanctions and illicit trade, prompting diplomatic responses. At the same time, China demonstrated its ability to adapt to U.S. tariffs, with its annual goods trade surplus exceeding USD 1 trillion for the first time, driven by stronger exports to alternative markets, including the European Union. Elsewhere, renewed tensions between Cambodia and Thailand along their disputed border underscored persistent regional security challenges, even as diplomatic efforts continued.
The media sector drew attention as a takeover battle emerged for Warner Bros. Discovery. Netflix made a friendly USD 83 bn proposal, later overtaken by a USD 108 bn hostile bid from Paramount, backed by David and Larry Ellison, amid antitrust scrutiny.
The cultural world made headlines through a series of high-profile events. On November 18, Gustav Klimt’s Portrait of Elisabeth Lederer sold for a record USD 236.4 million at Sotheby’s in New York. Meanwhile, a daylight heist at the Louvre saw thieves disguised as construction workers steal eight pieces of Napoleonic jewelry worth over USD 100 million. In the Middle East, Qatar continued to expand its cultural footprint with the announcement of a new museum dedicated to Maqbool Fida Husain, widely regarded as India’s most renowned modern artist.
Against this intriguing backdrop, we are pleased to present another edition of our Quarterly Brief, a publication that offers objective market data, which will keep readers abreast of the latest developments in the relevant financial markets.
