It's been a summer of extremes, and this week's Must Read Research highlights four themes shaping markets across regions and asset classes. Candace Browning, Head of Global Research at BofA Securities, reviews a powerful earnings season that continues to deliver broad-based EPS growth, even as investors become increasingly difficult to impress. The episode also examines mounting risks in European energy markets amid record temperatures and tightening gas inventories, the accelerating AI investment cycle driving memory demand following SK Hynix's landmark U.S. listing, and a potentially significant reshuffling of MSCI emerging-market indexes that could redirect billions of dollars in investor flows. Together, these developments offer a timely look at the forces influencing corporate profitability, energy security, AI infrastructure spending, and global capital allocation.   "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

 416      8