The Investment Perspective, with Ninety One

AI's listing boom could end two decades of US equity tailwinds

For 20 years, buybacks and shrinking share counts boosted US equity returns. Sahil Mahtani argues that AI-driven IPOs and secondary issuance are set to reverse that trend, potentially dragging returns down. He draws a parallel to EMs in the 2010s, where a similar issuance wave eroded returns, but says that headwind for EMs is fading just as it builds in the US.

12 Aug 2026

13 minutes

Sahil Mahtani
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