The stablecoin industry reached a pivotal milestone with Circle’s record-breaking IPO, signaling its transition from fringe innovation to mainstream financial infrastructure. Dan Dolev, Senior US Technology Equity Research Analyst, explores how the evolution is reshaping digital finance and fostering deeper understanding of blockchain-based payments.

At Mizuho’s 2025 Technology Conference, the message was clear: the future belongs to those who don’t just adopt AI but build around it. With AI at the center of the discussion, Senior Equity Research Analysts Dan Dolev, Vijay Rakesh, Gregg Moskowitz, and Siti Panigrahi delve into the rise of AI agents, the growing demand for DRAM and NAND, and the shift toward real-world integration.

Tariff policy is reshaping the U.S. industrial landscape, with President Trump’s sweeping 10% import tariff triggering market volatility and strategic shifts across sectors. These developments are prompting companies to rethink pricing, supply chains, and capital allocation. Brett Linzey, Senior US Industrials Equity Research Analyst, examines how easing trade tensions, recession concerns, and the long-term trend toward reshoring are redefining risk and revealing new investment opportunities across the economy.

The aging population is reshaping the economy, with Americans aged 75 and older projected to make up 10% of the population by 2030. This demographic shift is driving increased spending in healthcare, housing, and automation. Vikram Malholtra, Senior US Real Estate Equity Research Analyst, and Brett Linzey, Senior US Industrials Equity Research Analyst, explore how these changes present significant opportunities for investors, transforming sectors and unlocking new growth potential.

The AI boom has been transformative, with significant investments from hyperscalers. However, the release of DeepSeek-R1 has raised concerns about the sustainability of AI growth, leading to a selloff in AI stocks and fears of overbuilding data centers. However, history suggests these developments should be viewed as part of a broader strategic evolution rather than a sign of widespread distress. Vikram Malhotra, Senior US REITs Equity Research Analyst, examines the continued development of AI infrastructure and the current landscape.

The cruise industry has rebounded from the pandemic, with passenger volumes and revenues now exceeding pre-pandemic levels. As consumer interest in cruise travel reaches new heights, major players are innovating by expanding short-duration cruises and developing private destinations. Ben Chaiken, Senior Analyst, US Consumer – Gaming, Lodging & Leisure, explores how the industry has a potential for transformation, unlocking new markets and reshaping the business.

Mizuho | Greenhill is proud to present the next episode in our podcast series, Storytellers in Business. In this episode, host Michal Katz, Head of Investment & Corporate Banking at Mizuho Americas, talks to her colleague and friend, Chief US Economist at Mizuho Americas, Steve Ricchiuto.

This election is pivotal for healthcare, with key policies like the Affordable Care Act and Medicare Advantage at stake. Ann Hynes, Senior Healthcare Equity Research Analyst, dissects how the outcome could affect her sector.