U.S. Equity TradFi Assets: Traditional Finance as a Steady Anchor Amid the AI IPO Boom

In 2026, the U.S. IPO market has regained momentum. Following SpaceX’s June listing (SPCX), AI leaders such as Anthropic, OpenAI, and Databricks are expected to go public, fueling continued growth across the AI infrastructure, energy, and FinTech sectors. Against this backdrop, TradFi, or traditional finance, serves as a market cornerstone. Backed by the stable cash flows of leading banks and payment networks, along with ongoing digital transformation, it offers defensive exposure during periods of sector rotation. This article examines market leaders in sectors with upcoming IPOs and other closely watched industries, analyzes tradable assets with strong investment potential and the rationale behind them, and explores key macro trends and associated risks.

Which U.S. Stocks and Themes Deserve the Most Attention

This article identifies the most compelling U.S. equity sectors to watch this year, primarily across the following areas: AI and large language models, FinTech, payments, and blockchain, and energy and industrial infrastructure. The U.S. equity investment assets below balance upcoming high-growth IPO targets with mature TradFi market leaders, making them well suited for medium- to long-term portfolio allocation.

Anthropic and OpenAI (Pending IPO)

Investment Thesis: AI adoption is accelerating across both the enterprise and consumer segments. OpenAI maintains a large user base, while Anthropic exhibits strong enterprise-level revenue growth. As leaders at the model layer, both are direct beneficiaries of the global AI capital expenditure wave. Enhanced liquidity after their IPOs will further attract institutional capital inflows. Investors should remain mindful of elevated valuations and closely monitor these companies’ progress toward profitability.

Databricks (Pending IPO)

Investment Thesis: Databricks is a data lakehouse and AI training/inference platform that has already achieved positive free cash flow, with a year-over-year growth rate exceeding 65%. Enterprises have structural demand for AI data governance and MLOps, creating a strong competitive moat for Databricks. After its IPO, it can be viewed as a "picks-and-shovels" play in the AI ecosystem, featuring a valuation that is more reasonable than Anthropic or OpenAI.

JPMorgan Chase (JPM) and Bank of America (BAC)

Investment rationale: JPM and BAC are established TradFi leaders and core portfolio holdings.Since the start of 2026, both have delivered robust performance—characterized by record revenues, deposit growth, and trading fee income—primarily driven by the resilience of the U.S. economy and the rebound in capital markets activity. Furthermore, their extensive internal application of AI for risk control and personalized services has continued to enhance operational efficiency. High dividend yields combined with healthy capital adequacy ratios provide defensive characteristics and moderate growth potential.

Visa (V) and Mastercard (MA) — Global Payment Networks

Investment Thesis: Global payment transaction volumes continue to expand, powered by exceptionally strong two-sided network effects. AI technology is being applied to fraud prevention and settlement efficiency. An improving interest rate environment, combined with a recovery in consumer spending, provides additional tailwinds. Their high gross margins and recurring revenue models provide strong defensive resilience.

Energy/Power-Related: NextEra Energy (NEE) or AI Data Center Power Equipment Suppliers

Investment Thesis: AI data centers are driving structurally strong power demand amid electricity constraints, fueling substantial investment in renewable energy and natural gas generation. Long-term power purchase agreements (PPAs) secure revenue stability, allowing these assets to indirectly benefit from the current wave of AI IPOs and infrastructure buildouts.

Overall, the long-term penetration of AI is irreversible, while premium TradFi leaders serve as stable anchors for cash flow. A portfolio combining "high-growth IPOs + value-oriented TradFi" can effectively reduce volatility and capture sector rotation opportunities.

Opportunities and Risks in U.S. Equity Investing

Positive Trends

From a macroeconomic and structural perspective, the AI supercycle continues to deepen. Capital expenditure in data centers, power infrastructure, and advanced semiconductors has risen significantly, directly stimulating upstream and downstream supply chains while providing substantial support for overall economic growth and corporate earnings. S&P 500 earnings for the full year are expected to achieve double-digit growth, a projection that has already seen initial validation in current corporate financial reports and forward guidance.

On the liquidity front, a potential Fed pivot toward easing would create room for equity market valuation expansion. Concurrently, spending resilience on both the consumer and enterprise fronts remains robust. As a result, the financial and industrial sectors stand to benefit, with fundamentals showing no distinct signs of deterioration.

The revival of the IPO market is another positive signal. The incremental capital and market attention brought by new listings help to reinvigorate overall trading sentiment. More importantly, capital is flowing back into "real economy" sectors, positioning TradFi—as the representative of traditional finance—favorably within this round of structural rotation.

Additionally, the trend of digital convergence deserves particular attention. The boundaries between traditional financial institutions, FinTech, and blockchain are dissolving. Payment networks and major banks that actively drive digital transformation will build lasting competitive moats through this process.

Key Risks

While US equity investments offer substantial opportunities, the risks are non-negligible. The most critical risk stems from valuations. At present, IPO pricing in the AI sector is broadly at historical highs, with market expectations for some targets already reaching the trillion-dollar level. If the pace of earnings delivery falls short of expectations, or if the rate environment becomes volatile again, the pressure for a valuation correction will be significantly amplified.

Geopolitically, regional conflicts continue to disrupt energy prices and global supply chains. In the near term, this could push inflation higher, which in turn passes through to corporate cost structures and compresses profit margins.

The regulatory environment is also tightening. Oversight of data privacy, algorithmic transparency, and antitrust scrutiny in the AI sector is intensifying. Meanwhile, the traditional banking industry faces the dual challenge of narrowing net interest margins and fierce competition from FinTech, placing profitability under pressure.

At the macro level, although the probability of a near-term recession remains relatively low, this year's election cycle introduces significant uncertainty around the policy outlook. If the economy weakens more than expected, markets could face a broad market correction. Furthermore, the expiration of IPO lock-up periods could create periodic selling pressure as locked-up shares become eligible for sale.

Finally, there is the risk of sector rotation. If capital flows continue to concentrate in pure-play technology growth stocks and do not broaden into value sectors as anticipated, the relative performance of TradFi may remain muted and struggle to outperform the broader market.

Conclusion

The AI IPO wave is the defining theme of the 2026 U.S. equity market, but a balanced allocation between growth and value remains key to navigating market cycles. Investors are advised to closely track the IPO timelines and fundamental developments of leading AI companies such as Anthropic, OpenAI, and Databricks, while considering high-quality TradFi holdings such as JPM, BAC, Visa, and Mastercard as core positions to diversify risk. Before investing, individuals should align their investment decisions with their risk tolerance and closely monitor earnings reports, monetary policy, and regulatory developments.