A laundry list of macroeconomic factors—including geopolitical tensions, tariff shocks, policy changes, interest rate fluctuations and inflation—has been the driver of surprising levels of volatility in the U.S. equity markets during the past year.

But in spite of these obstacles and uncertainties, “there has also been underlying resilience in the U.S. and global economies,” according to Ken Goldman, co-head of Americas equity research, for J.P. Morgan.

Couple this market environment with the increasing focus on artificial intelligence and other technologies—with their promise of both productivity gains and disruption spanning myriad industries—and you have the current crucible of American sell-side research. Top U.S. sell-side research firms reported renewed opportunities and pressures alike on their teams, analysts and buy-side clients.

“Our analysts successfully integrated these factors into their research and, despite navigating a dynamic environment, collaborated across regions and asset classes to guide clients effectively,” Goldman continued.

2025 has been a year of strategic evolution for equity research, confirmed Michelle Teitsch, head of Americas equity research at Morgan Stanley. “We’ve focused on delivering clear, actionable insights while enhancing productivity through advanced AI and technology tools,” she said, adding that a commitment to “quality over quantity” and to producing differentiated, high-impact research resulted in an almost 80 percent increase in readership across research products.