Bill Gates is far from Silicon Valley’s biggest alarmist. So when the usually optimistic Microsoft $MSFT ( ▲ 0.25% ) co-founder sounds the alarm, it may be worth listening.

In his latest annual letter, Gates warned that progress is slipping, not accelerating. He added that cuts to global aid could have deadly consequences, pointing out a rise in child deaths across the globe, following decades of improvement.

According to Gates, the next five years matter a lot for humanity’s future trajectory. The bull case: AI unlocks historic progress. The bear case: funding collapses, politics harden, and we risk sliding into the Dark Ages 2.0. Cheery! 😅

— Brooks & Cas

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Goldman Sachs $GS ( ▲ 0.44% ) refreshed its list of top European ideas, with “top” being the operative word. The bank flagged five stocks with potential upside of at least 70% over the next year, including one name with implied upside approaching 150%.

In other words, stock picking season is in full swing. Let’s dive in.

At the top sits Ceres Power $CPWHF ( ▼ 0.44% ), which Goldman views as a leading fuel cell player tied to the next wave of data center growth. The firm believes licensing leverage and exposure to power generation demand set the stage for a sharp rerating. At the time of writing, Goldman’s price target implied a whopping 147% upside.

E-commerce also makes the cut. Berlin-based Zalando $ZLNDY remains a favored idea despite a rough year, with Goldman pointing to an online channel shift and added upside from the About You acquisition.

Hardware exposure shows up through Hon Hai $HNHPF ( ▲ 0.51% ), where analysts see growth acceleration from AI servers and smartphones. The stock lagged recently, but Goldman argues fundamentals are turning.

Financials round out the list.

Wise $WPLCF earns a spot on expectations for better growth visibility and rising cash returns in 2026. Horizon Robotics $HRZRF, an AI chipmaker focused on smart driving, also shows up. Goldman says its product upgrades target higher-end demand.

Goldman’s picks span clean energy, retail, hardware, payments, and AI chips, reflecting a belief that broad sectors may hide opportunity across the pond. When an investment bank attaches 70% upside to multiple names, it is signaling that mispricing still exists. In a crowded market, that may be the real edge.

Metals were already entering 2026 with momentum. Tight supply, resilient demand, and persistent geopolitical risk powered a standout 2025 for both precious and industrial metals.

Gold surged more than 64% last year. Silver’s gains topped 141%. Copper surged more than 40%. That strength has carried into the new year as analysts position for another favorable cycle.

The new potential tailwind? Venezuela. The Trump administration’s overthrow of Nicolas Maduro to rethink how commodities trade in a more tumultuous world. The growing consensus is that it could keep the metals rally alive.

BCA Access strategist Marko Papic argues that, amid the US push to reshape access to the country’s resources, major powers may increasingly treat commodities as strategic assets rather than freely traded goods.

That shift may matter most for industrial metals. Copper, nickel, and other inputs critical to electrification and defense already face constrained supply. If countries begin stockpiling or restricting exports, global availability tightens further.

Papic now believes that industrial metals could overshoot prior forecasts in 2026. The logic is simple. Less trust in global trade encourages hoarding. Hoarding pushes prices higher.

Precious metals stand to benefit too. Historically, gold and silver are popular hedges when confidence in institutions and currencies weakens, especially if debates around the dollar’s role intensify.

The conviction is spreading. Morgan Stanley $MS ( ▲ 0.89% ) reiterated a bullish stance on metals, highlighting a wider range of upside outcomes as geopolitical risk rises. Some analysts see gold prices moving well beyond prior targets if uncertainty persists.

Others are focusing on equity exposure. Citi recently initiated positive coverage on Hudbay Minerals $HBM ( ▲ 2.13% ) and Lundin Mining $LUNMF ( ▲ 4.85% ), citing expectations for record copper prices in 2026.

In other words, the metals story in 2026 may rest on more than demand cycles. And when geopolitics reshapes how resources move, prices might remember it for some time.

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After a strong run earlier in 2025, Uber $UBER ( ▼ 2.46% ) hit some speed bumps. Shares pulled back from recent highs as investors reacted to higher capital spending tied to autonomous vehicles.

The market’s concern centers on margins. Recent results showed capital expenditures coming in above expectations, pressuring free cash flow in the near term. Analysts trimmed 2026 earnings forecasts and nudged margin assumptions lower.

That reset helped cool enthusiasm. Even so, the stock remains up 35% over the last year, with much of the near-term risk now reflected in the price. Barron’s believes it’s time to buy back in.

Uber’s AV push is expensive today, but could be poised to pay off tomorrow. The company is investing in vehicles, partnerships, and infrastructure designed to scale autonomous ride-hailing over time.

Uber already operates AV services with Alphabet’s $GOOGL ( ▲ 0.96% ) Waymo in several US cities. Its goal isn’t to own every car, but to be the dominant platform that connects riders to autonomous fleets, whether they are Uber-owned or partner-supplied.

That positioning matters because competitors face limits. Capital spending at both Tesla $TSLA ( ▲ 2.11% ) and Alphabet is under scrutiny, which could cap how aggressively they expand standalone AV networks.

Meanwhile, Uber is spreading the cost through partnerships with Lucid Group $LCID ( ▲ 0.8% ), Stellantis $STLA ( ▼ 1.27% ), and Nvidia $NVDA ( ▼ 0.1% ), aiming to deploy tens of thousands of AVs over the coming years. If AVs reach scale, Barron’s argues margins should expand, given management’s track record of turning scale into profitability.

While AV debates dominate headlines, Uber’s core business continues to deliver. Revenue grew 20% year over year in the most recent quarter, driven by both rides and food delivery.

Importantly, operating leverage is improving. Uber no longer needs to grow expenses as fast as revenue to drive demand. That dynamic supports earnings growth even while AV spending weighs on margins.

The stock trades near market multiples, a sharp contrast to periods earlier in 2025 when it carried a premium. For investors willing to stay buckled in, the ride may not be smooth, but according to Barron’s, the destination still looks compelling.

Are you bullish or bearish on Charles Schwab $SCHW ( ▼ 1.16% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

Are you bullish or bearish on Baidu $BIDU ( ▲ 1.61% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

Are you bullish or bearish on Wayfair $W ( ▲ 2.19% ) over the next 12 months?

▇▇▇▇▇▇ 🐻 Bearish

▇▇▇▇▇▇ 🐂 Bullish

And, in response, you said: