[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-129797-en":3,"doc-seo-129797-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},129797,962085570644,"Evangeline","https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d",8,"Research & Report","MoneyWeek - Issue 1319 - 3 July 2026","MoneyWeek Issue 1319 (3 July 2026) examines shifting market narratives and the implications of US stock concentration after the dotcom bust, highlighting how Microsoft’s resilience is tied to cloud computing and AI. It argues investors should broaden beyond a narrow set of winners and consider thematic ETFs, value opportunities, and exposure from small and mid-caps. The issue also covers UK policy and equity valuation context, alongside reporting on taxes affecting the Royal Family and selected “good week” and “bad week” developments.","MARKETS P5 China’s growth engine is sputtering  \nFOCUS P20 Plug into the AI energy boom  \nPLUS  \nThe wizard of the Kremlin REVIEWS P32  \nMAKE IT, KEEP IT, SPEND IT 3 JULY 2026 | ISSUE 1319  \nSummer meltdown  \nTime to adopt air conditioning Page 12  \nBRITAIN’S BEST-SELLING FINANCIAL MAGAZINE MONEYWEEK.COM  \n3 July 2026 | Issue 1319  \nBritain’s best-selling financial magazine  \nFrom the editor-in-chief...  \nThe failures of industrial policy over the years show that governments  \naren’t good at picking winners, but equity investors and analysts aren’t notably successful either. Oneof the most striking statistics in US stockmarket history is that of the top-ten stocks at the apex of the dotcom bubble, many of which would supposedly dominate forever, only one big name is in the top-ten today: Microsoft.  \nA popular narrative at the time was that Cisco would“win” the internet as its  \nAmazon’s stock slumped by 92% when the dotcom bubble burst  \n“Our next primeminister maybe keen to nudge investors into British stocks”  \n© Getty Images  \nUS, the hyperscalers have been marked down as memory-chip makers have become the flavour of the month (see page 4); chip cycles can turn quickly, however (see page 6). As far as global markets are concerned, some major emerging markets have now become skewed towards AI; Cris explores the problem, and how to avoid it, on page 14.  \nThe recent sell-off makes the US look less frothy and top-heavy than in recent months – the equal-weighted S&P 500 index has eclipsed  \nthe cap-weighted one so far this year – but for value, investors must continue to look elsewhere.  \nnetworking services provided the system’s backbone. But several years later the big names were those best at exploiting the internet rather than providing it: think Google and Amazon; and then a few years later the social-media firms emerged.  \nDon’t sell too soon  \nMoreover, those who saw Amazonslump by 92% when the bubble burst and wrote it off will have missed some of the subsequent surge from a share price of under $1 to $238. Microsoft’s staying power, meanwhile, is due largely to cloud computing and AI; its browser Internet Explorer has deservedly gone the way of Betamax.  \nAll this illustrates why some investors stick to thematic exchange-traded funds (ETFs) or broader index funds rather than spend much time gauging which individual  \ncompanies are likely to benefit most from a secular trend. It is also something to bear in mind now that every Wall Street earnings season has become a search for evidence that the hyperscalers’ vast investments in AI will pay off and for clues as to which companies will reap the benefits of the technology.  \nIt will take years to gain a definitive answer, so we believe that in the meantime the best bet is to look at the electricity providers responsible for the vast amounts of power the industry is consuming (see pages 20 and 23). Not the picks and shovels of the gold rush, then, but the firms who power the torches in miners’ helmets.  \nThis approach also has the virtue of casting the net a great deal wider than the Magnificent Seven stocks that have been powering US and global markets. In the  \nHere, for instance (see page 5), especially if our next prime minister (see pages 13 and 27) proves more enthusiastic than the current one about nudging British investors into local stocks. It will then pay to get ahead of the game.  \nUK equities are on an average priceearnings (p/e) ratio of 12.7, compared with 15 for Europe and emerging markets respectively. US stocks are on an average p/e of 22. Small and mid-caps are especially cheap, and still offer global exposure: 40% of their sales stem from overseas, compared with around 75% for the blue chips. Dividend yields are higher here too. A hedged, cheap bet, in short – exactly the opposite of the AI and dotcom bubbles.  \nAndrewVan Sickle  \n[editor@moneyweek.com](editor@moneyweek.com)  \nCover I llustration: ©Adam Stower. Photos : ©Getty Images; Landmark Media/Al","cbCaimTC9F8fnhC0","https://ap.wps.com/l/cbCaimTC9F8fnhC0","pdf",16268824,2,1,36,"English","en",105,"# From the editor-in-chief\n## Industrial policy and market picking\n## AI-driven hyperscaler investments\n# Cover story themes\n## Summer meltdown and air conditioning\n# The King’s taxes are still taxing\n## Royal tax payments and public funding","[{\"question\":\"Why does the issue argue governments aren’t good at picking winners?\",\"answer\":\"It points out that the failures of industrial policy over the years show governments struggle to identify winners, and that equity investors and analysts haven’t been reliably successful either.\"},{\"question\":\"What does the editor suggest investors do after the recent sell-off?\",\"answer\":\"It says investors must continue to look elsewhere for value, since the US may look less frothy and top-heavy than in recent months.\"},{\"question\":\"How is Microsoft’s staying power explained in the issue?\",\"answer\":\"Microsoft’s resilience is largely attributed to cloud computing and AI, rather than older browser-era dominance.\"}]","MoneyWeek - Issue 1319 - 3 July 2026 | PDF",1786108459,91,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":29},"moneyweek-issue-1319-3-july-2026","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,48,51],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":20},"https://docshare.wps.com/document/","Document",{"item":49,"name":12,"@type":44,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":44,"position":53},"https://docshare.wps.com/document/moneyweek-issue-1319-3-july-2026/129797/",4,{"url":52,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-08-22","2026-08-07",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"Why does the issue argue governments aren’t good at picking winners?","Question",{"text":76,"@type":77},"It points out that the failures of industrial policy over the years show governments struggle to identify winners, and that equity investors and analysts haven’t been reliably successful either.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"What does the editor suggest investors do after the recent sell-off?",{"text":81,"@type":77},"It says investors must continue to look elsewhere for value, since the US may look less frothy and top-heavy than in recent months.",{"name":83,"@type":74,"acceptedAnswer":84},"How is Microsoft’s staying power explained in the issue?",{"text":85,"@type":77},"Microsoft’s resilience is largely attributed to cloud computing and AI, rather than older browser-era dominance.","https://schema.org",{"og:url":52,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":53,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":107,"slug":139},19,"General","general"]