Biotech has made an extraordinary comeback, closing out 2025 with its best annual returns since the Covid-19 pandemic. Considering biotech was a massive underperformer for much of the year, only to roar back in the last few months, begs the question: is the sector borrowing gains from 2026? Mizuho's Biotech Equity Research team provides an outlook for the year ahead.

We find ourselves at a pivotal moment across the power, energy, and infrastructure landscape, and the resulting transformations present challenges, and opportunities, for industry players. Speakers at Mizuho’s 2025 Power, Energy & Infrastructure Conference explored the complex dynamics impacting the sector, unearthing key themes for investors to watch in 2026.

Major restaurant chains face shifting consumer behavior, not declining demand. Post-pandemic price hikes widened gaps between restaurant and grocery costs, driving value-conscious diners toward affordable options. Nick Setyan, Senior Restaurant Equities Research Analyst, delves into how the shift towards rational consumer behavior is reshaping the restaurant industry through its next phase of growth.

Notwithstanding some cautionary headwinds, liquidity is abundant, valuations are robust, debt and equity markets are performing well and upside exists for fiscal stimulus and “Big Beautiful Bill” benefits. These positives, coupled with a pro-business administration and accommodating regulatory leadership, make for a conducive dealmaking environment. We see a strong pipeline for dealmaking for corporates and the potential for enhanced participation by financial sponsors. We expect market activity to broaden beyond Big Tech, with more mid-market transactions alongside the mega deals. Barring any unforeseen geopolitical grey or black swans, 2026 should offer opportunities for dealmaking, whether initial public offerings (IPOs), mergers & acquisitions (M&A) or leveraged buyouts (LBOs), across sectors.

Every major platform shift in internet history – from the Dotcom boom of the 1990s to the mobile revolution a decade later – has redefined how consumers engage online and unlocked new categories of business. With AI adoption surging and becoming a new interaction layer of the internet, will it similarly reshape the economics of the web? Senior Internet Equity Research Analyst Lloyd Walmsley digs into the technological and behavioral shifts underway.

NPower creates pathways to economic prosperity by launching digital careers for military-connected adults and young adults from low-income communities. It provides tuition-free training that produces graduates with top industry certifications.

The AI boom is transforming nearly every corner of the market, but software – once the engine of tech growth – is struggling to keep pace, underperforming chip and hardware stocks by nearly 30 points year to date. However, the market may be missing a bigger picture, says Enterprise Software Analyst Gregg Moskowitz. Is software truly at risk? And which companies will emerge as winners, and which will be left behind? Read our latest Insights to learn how AI is reshaping the sector.

The race for AI dominance is no longer decided by computing power, but by physical infrastructure – the substations, transmission lines, gas pipelines, and cooling systems that fuel large servers and data centers. For the Engineering and Construction industry, the buildout of large-scale infrastructure projects represents more than a short-term opportunity. Maheep Mandloi, Mizuho’s Senior Clean Energy Equity Research Analyst, explains that it’s the foundation of a multi-decade growth cycle as technology and industrial development converge.

Everyone learns differently, and Tech Unlimited embraces that. They have been uncovering pathways to computer science discovery for neurodiverse students and young adults through courses incorporating technology training and social-emotional learning to ignite unlimited futures.