![The New York Stock Exchange (NYSE) look. [Yonhap News]](https://www.europesays.com/wp-content/uploads/2025/12/rcv.YNA.20251225.PGT20251225000401009_P1.jpg)
사진 확대 The New York Stock Exchange (NYSE) look. [Yonhap News]
Tariff policy, loss of trust in the U.S., and artificial intelligence (AI) were cited as key variables that shook the global financial market this year.
James McIntosh, a senior market columnist for the Wall Street Journal (WSJ), said in a column on the 28th (local time), “Some say that investors did a good job of not doing anything as the market suffered from this destructive driving force this year.”
In particular, he explained that the omnidirectional basic tariffs that U.S. President Donald Trump invoked in April had a far greater impact on the market than expected. Investors belatedly recognized that President Trump prioritized tariffs and immigration issues over tax cuts or deregulation, and in the process, the U.S. and global economies as a whole fell into unprecedented uncertainty.
McIntosh called it a mistake at the time that it failed to present an active buying strategy when the stock market plunged in the aftermath of tariffs and remained in the so-called “tiptoe” strategy of investing limitedly. He also looked back that President Trump has not fully read the possibility of the market recovering by delaying and easing tariff policies in accordance with the so-called “TACO (Trump always leaves out his tail).”
At the same time, the flow of funds to markets outside the United States became clear. Amid the spread of investment in the U.S. (è„«), European, Japanese, and emerging markets have outperformed the U.S. stock market. European stocks were significantly ahead of the S&P 500, which rose only about 19%, with dollar-based yields, including dividends, reaching 36% on the back of Germany’s stimulus package. The Nasdaq Composite also showed a relatively sluggish trend.
For AI stocks, a sharp evaluation was given. McIntosh expressed that AI-related stock prices have reached a “silly stage” this year beyond high levels. It is pointed out that as investments were excessively concentrated, major AI companies focused on competition to develop ultra-high-performance AI at the human level rather than generating immediate profits, and the overheating phenomenon intensified in the process.
He said, “I have continued to worry that the AI bubble is swelling, and now I have to see if my concerns are actually justified.”
In addition, it was evaluated as a typical example of the “K-shaped stock market” in which only wealthy assets are rapidly called. Big Tech shares surged on the AI craze, but other industries were relatively sluggish, making polarization in the market more pronounced.