"The core of the long-term allocation value of U.S. stocks lies in the resonance of three major driving forces: institutional dividends, the real validation cycle of the AI industry, and the structural increase in global capital allocation, rather than short-term macro trading."
In the current environment of heightened volatility across various asset classes, re-evaluating the core allocation value of U.S. stocks is of practical significance. Among global equity assets, U.S. stocks can still be considered one of the core allocation options for some long-term investors. This judgment is not based on short-term bets on the 2026 macro environment but stems from three more stable and sustainable structural driving forces—the compound interest foundation built by institutional advantages, real demand driven by technological innovation, and the long-term shift in global capital allocation logic.
Institutional and Historical Compound Interest: An Unreplicable "Underlying Architecture"
From early 2015 to the end of 2025, the cumulative gain of the Nasdaq Composite Index was approximately 2 to 3 times that of the ChiNext Index and the Hang Seng Tech Index. More importantly, its maximum drawdown during the sample period was only -36.4%, significantly lower than the -69.7% and -74.4% of the latter two. This means that in the U.S. stock market, investors are more likely to realize returns through "time + compound interest" rather than "strong timing."
This outcome is not accidental but a quantitative reflection of institutional advantages. The U.S. capital market has built a complete innovation financing chain from venture capital and private financing to listing and refinancing, enabling companies to access resources with lower friction over longer cycles, forming a positive cycle of "investment—growth—reinvestment." At the same time, listed companies generally adhere to cash flow discipline and shareholder return mechanisms, making the profit foundation of the index more resilient amid macro fluctuations. Additionally, the global pricing attribute of U.S. dollar assets赋予美股天然的流动性承接能力—when risk appetite contracts, capital flows back for避险; when it expands, it absorbs incremental risk exposure. This dual moat of "institution + currency" is the fundamental reason why the compound interest effect can be sustained.
AI-Driven Industry Cycle: From "Valuation Imagination" to "Real Investment"
Tech giants have contributed the majority of the excess returns in this round of U.S. stocks. However, unlike the "bubble theory" feared by some in the market, we believe the current phase is a critical transition from "infrastructure expansion" to "application penetration" in the AI industry cycle, characterized by the parallel validation of real demand and real investment.
Stanford's "AI Index 2025" shows that 78% of organizations reported using AI in 2024, a significant increase from 55% in 2023, indicating accelerated diffusion on the demand side. On the supply side, the capital expenditure of U.S.-listed AI-related companies increased from approximately $208.26 billion in 2019 to $384.44 billion in 2025, a cumulative growth of nearly 100%. This is not a "storytelling retreat" but a genuine investment in expanding computing power and infrastructure.
We divide the AI profit realization path into three stages: the infrastructure红利期, the platform expansion and servitization realization period, and the application layer penetration and business model再造期. The market is currently in the window of transition from the first to the second stage, with application layer penetration far from saturated. Even if the marginal gains of leading stocks slow down, the cost reduction and efficiency improvements brought by AI will continue to扩散 to more industries, providing broader and longer-tail growth momentum for U.S. stocks.
Global Capital Allocation: Shifting from "Transactional Inflows" to "Structural Increase"
Over the past three years, the scale of U.S. equity holdings by overseas investors has shown a "step-up" increase—rising from $14.63 trillion in 2023 to $21.59 trillion in 2025, a cumulative increase of approximately 47.6% over two years. This level of sustained growth更像全球机构资金的长期配置权重上调, rather than short-term chasing.
From a regional structure perspective, Europe contributed about 51% of the增量, further confirming that this is a strategic rebalancing led by mature market capital. The underlying reasons can be summarized into three points: First, the U.S. stock market is the only超大规模市场 globally capable of承载万亿级增量资金 with controllable transaction impact costs; Second, the continuity, comparability of information disclosure, and predictability of the regulatory system significantly reduce the information asymmetry costs of cross-market investment; Third, U.S. stocks provide the most concentrated supply of high-quality assets in long-term tracks such as technology, software, cloud, and AI platform companies, and ETFs and indexing tools are highly mature, facilitating low-cost, high-efficiency expression of long-term allocation views.
Macro Environment: Coexistence of Moderate Rate Cuts and Policy Games, But Long-Term Direction Unchanged
The macro baseline scenario for 2026 is closer to "declining interest rates + cooling but still resilient economy." The Fed's SEP predicts a median policy rate of about 3.4% by the end of 2026, a marginal decline from the current target range, which is favorable for corporate financing and valuation environments. Although economic growth has slowed from high levels, CBO predictions still maintain a normal growth range of around 1.8%, and corporate profits are more likely to follow a path of "slowing growth rather than a cliff-like downward revision."
A notable disturbance variable is tax policy. Many individual and family provisions of the 2017 tax reform are set to expire at the end of 2025, and 2026 will likely enter a period of intensive policy games. Fiscal pressure may exacerbate long-term interest rate volatility, making the market阶段性更为颠簸. However, it is important to distinguish that: volatility does not equal trend reversal. Under the premise that the three long-term driving forces of institutional advantages, industry cycles, and capital structure have not fundamentally动摇, short-term policy disturbances恰恰为分批配置、拉长持有周期提供了窗口.
Conclusion
The long-term allocation value of U.S. stocks is essentially the product of a "institution—industry—capital" trinity positive feedback system. It does not rely on macro luck in any given year, nor does it depend on the valuation myth of a single leading stock. Instead, it is rooted in more stable and replicable structural dividends. For配置型资金 pursuing long-term compound interest, the "core base position" attribute of U.S. stocks has not weakened; on the contrary, against the backdrop of rising global uncertainty, it appears increasingly scarce.
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Disclaimer: The market carries risks, and investment requires caution. This article does not constitute investment advice. Digital asset trading may involve significant risks and instability. Investment decisions should be made after careful consideration of personal circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.
