The AI Mirage

Magnificent Seven’s Global Dominance Amid Trade Tensions

Tariffs have escalated worldwide, with duties reaching levels not seen in nearly a century, while labor markets in major economies show signs of strain—unemployment in the Eurozone hovers at 6.4%, and emerging markets face slowing growth as of August 2025. Yet global indices like the MSCI World Index have surged 12 percent year-to-date through Q3 2025, …