Software equities sit in the eye of the AI storm, caught at a decisive inflection point as AI reshapes the sector and investors grapple with one of the sharpest valuation resets in years. ​

In Episode 20 of the Barclays Brief, Raimo Lenschow, Head of North American Software Research, joins Ronnie Wexler, Global Head of Equities Distribution, to explore what’s driving the sell‑off and why the long‑term software story remains far from written.​

The discussion examines the forces behind the recent repricing, from the arrival of real, market‑ready GenAI products to intensifying concerns around hyperscaler CapEx, overbuild risk and shifting competitive dynamics. While headlines point to sweeping disruption, Raimo argues that AI is not ending software — it’s redefining the stack and reshaping where value accrues.​

At the centre of the episode is a simple but critical question: as AI accelerates change across software, what genuinely matters — and what’s being overstated?​

Raimo and Ronnie also discuss what could shape the sector’s next phase, from how valuations may stabilise to the long, often underappreciated migration timelines that anchor enterprise technology decisions.​

Listen in for a grounded perspective on where fear may be overstated, where selectivity matters most, and how investors can think about durability and opportunity as AI continues to reshape the software landscape​

Listeners can hear more on this topic:​​

1. Barclays Brief #14 – Rise of the humanoid robots​
2. Barclays Brief #12 – The future of mobility​
3. Barclays Brief #4 – AI revolution: China’s five year plan​

Clients can read more on Barclays Live:​

1. Software Is Not Dead, Just Changing ​
2. How to play AI dislocation?​
3. Agentic AI Disruption Risk in Focus​

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European Industrials have underperformed for years, but signs of stabilisation are emerging. In Episode 19 of The Barclays Brief, George Featherstone, European Industrials Research Analyst, joins Patrick Coffey to unpack what the next phase of Europe’s Industrial sector could look like – and where early momentum may be building.​

The conversation explores areas of optimism for the sector, from improving consumer spending and housing activity to renewed grid‑infrastructure investment and robust demand for machinery and mining equipment as electrification accelerates.​

Despite early signs of improvement, Europe’s outlook remains constrained by deep‑rooted structural challenges – from elevated energy costs to the AI investment gap and intensifying global competition.​

Listen in for a timely breakdown of the key themes as investors and companies convene at the Barclays 43rd Annual Industrials Select Conference.

Listeners can hear more on this topic:​

1. Barclays Brief #17 - Mining & metals: Meltdown or opportunity?
2. The Flip Side #80 - Is US equities exceptionalism finally cracking?

Clients can read more on Barclays Live:​

1. Euro Area Outlook: Europe at Different Speeds
2. Global Industrials: Supply chain reshuffle: what's now and next?
3. European Capital Goods: Year Ahead 2026 - Mean Reversion

This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

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Japan’s decisive election result is recalibrating market expectations, bringing FX, rates and fiscal policy signals into sharper focus. The LDP’s clear mandate will likely feed through to household demand, BoJ decisions and global moves in rates and FX, with implications for global investors’ near-term portfolio positioning.

In this episode of Barclays Brief, Yun Zhang, Co‑Head of FIC Trading, Asia Pacific and Global Head of MTN & Macro Structured Notes Trading, joins host Patrick Coffey to unpack the market reaction and the indicators to watch.

Listen in to get a clear, actionable view of how Japan’s post‑election landscape is shaping opportunities for global investors. Clients can also join a Japan post-election webinar to hear timely insights from our Research and Markets experts.

Listeners can hear more on this topic:

•Barclays Brief #13 – AI: The macro game changer

•The Flip Side #77 - Is Japan doubling down on Abenomics, or redefining it?

Clients can read more on Barclays Live:

•Japan Economic Update – LDP sweeps more than two-thirds

•Japan FX and Rates Views - LDP landslide victory to stabilize risk premium

•Japan Perspectives - Lower house election preview: Strengthening outlook for LDP landslide

This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

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Sharp swings across precious metals, especially gold, have thrust the sector into the spotlight, sustaining investor interest and stirring fresh debate over whether a new supercycle is emerging. Amos Fletcher, European Metals & Mining Research Analyst, joins Ronnie Wexler on The Barclays Brief to unpack what’s driving the moves.

A powerful mix of macro and structural forces is at work: shifting Fed rate cut expectations, renewed inflation‑hedging flows, dollar softness and accelerating electrification. Copper sits at the centre of the transition, with EV adoption, renewable build‑out and grid expansion driving demand higher even as supply remains constrained.

Amos breaks down the mechanics behind the latest volatility and explains how tightening supply across both industrial and precious metals could shape the next leg of price action. He also explores why, despite recent sell‑offs, stronger strategic conviction is still fuelling a rise in big‑ticket M&A across the industry.

Get a clear, accessible guide to the forces reshaping metals and mining and why this corner of the market is becoming increasingly difficult for investors to ignore.

Listeners can hear more on this topic:​

1. Barclays Brief #8 Critical Minerals: the new oil
2. Barclays Brief #7 US dollar: AI & the capex cycle
3. Barclays Brief #2 Gold: Unpacking the rally

Clients can read more on Barclays Live:​

1. Gold - Pausing for thought
2. 26 ‘What ifs’ for 2026
3. European Metals & Mining - What's priced in?

This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

Most episodes of The Barclays Brief focus on a single market theme, but this week we have a special episode for you. Adeel Khan, our Global Head of Markets, joined hosts Ronnie Wexler and Patrick Coffey, to give you his insights across the full breadth of macro, equities and credit, bringing you perspectives from Adeel’s unique vantage point.

Adeel outlines why the global backdrop remains more resilient than headlines suggest, buoyed by a powerful US consumer and an AI investment cycle shifting decisively from infrastructure build-out to monetisation. He also explains why inflation could ease back toward 2% by year-end, and how the equity narrative is evolving as the era of beta gives way to alpha in a market that could reward precision, discipline and true stock picking skill.

The discussion then moves through the shifting FX landscape including a multi-year USD correction, low rates volatility and improving emerging market fundamentals. All this before turning to credit, where Adeel highlights why financing conditions remain robust even as dispersion continues to widen.

Looking ahead, he sets out three key predictions and the one risk that ties them all together.

Listen now for a clear cross asset view from Barclays’ Global Head of Markets and what it means for positioning in 2026.

Listeners can hear more on this topic:

•Barclays Brief #14 – Headlines to hedges: Positioning in 2026

•Barclays Brief #13 – AI: The macro game changer

•Barclays Brief #15 – Rise of the humanoid robots

•Barclays Brief #11 – Credit markets: What’s ahead for 2026

Clients can read more from Barclays Research on Barclays Live:

•US dollar: How low can it go?

•Debasement trade & broadening in full swing

•Headline exhaustion

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Humanoid robotics is moving from experimentation and into a true economic inflection point. The market, valued at just $2–3bn today, is projected to expand to ~$40bn by 2035 in the base case*, with upside scenarios approaching $200bn as physical AI scales across labour‑intensive sectors.

In this episode of the Barclays Brief, Zornitsa Todorova, Head of Thematic FICC Research, joins host Patrick Coffey to unpack the shift from software‑driven AI to physical AI - the fusion of cognitive intelligence with advanced electromechanical “brawn” that enables humanoid robots to operate in human‑designed environments.

Together, they break down the macro forces accelerating adoption: ageing populations, tightening labour markets, and demographic mismatches across manufacturing, logistics, agriculture, and healthcare. They also explore how breakthroughs across the “three Bs” — brains, brawn, and batteries — have driven a 30‑fold cost collapse, positioning humanoids as a viable automation solution.

Listen in for the strategic perspective on how this shift could redefine long‑term investment themes.

Listeners can hear more on this topic:​

1. Barclays Brief #13 – AI: The macro game changer
2. Barclays Brief #12 - Robotaxis: The future of mobility
3. Barclays Brief #4 - AI Revolution: China’s Five-Year Plan

Clients can read more on Barclays Live:​

1. The future of work: AI gets physical
2. 150 investor trends to 2035: Navigating polarised outcomes

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*Source: AlphaSense, Barclays Research

In just the first two weeks of 2026, investors have had a lot to take in amidst fast-moving headlines and shifting policy signals.​

In this episode of Barclays Brief, Global Head of Macro Distribution Kristen Macleod joins host Patrick Coffey to unpack how investors are navigating a market defined by both optimism and caution. They break down key positioning themes from curve steepeners and real yields in rates to USD‑centric FX trades and selective exposure to commodities. They also examine the defensive side of the market, including long‑duration hedges such as gold. ​

​Listen in to get the strategic view on how macro investors are positioning right now. ​

​Listeners can hear more on this topic:​

1. Barclays Brief #13 – AI: The macro game changer ​
2. The Flip Side # 79 – Will the US consumer hold up in 2026? ​

​Clients can read more on Barclays Live:​

1. Macro Outlook: No turning back​
2. Are inflation markets calm or complacent?​
3. Thinking Macro: Eyes on the prize​
4. Trump calls for one-year cap on credit card rates at 10%​
5. Unprecedented times at the Fed​
6. To lower the mortgage rates, think Treasuries

This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

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While traditional macroeconomic factors such as labour markets, central bank policy and inflation are all important considerations for 2026, the economy is “going to live or die” by what happens with AI, according to Global Chairman of Research Ajay Rajadhyaksha.​

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In the first Barclays Brief episode of 2026, Global Head of the Product Management Group Patrick Coffey welcomes Ajay back to discuss why AI is the dominant force shaping the global economy, and what risks and opportunities investors should watch out for as the story unfolds. ​

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Listen in to get the big picture on what’s shaping markets this year.​

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Listeners can hear more on this topic:​

1. Barclays Brief #10 – Seismic Shifts: Agentic AI in Energy ​
2. Barclays Brief # 11 – Credit markets: What’s ahead for 2026​

Clients can read more on Barclays Live:​

1. Macro Outlook: No turning back​

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This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

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