Stock markets continue to perform strongly despite the mounting risks. Neither the war in the Middle East, nor the resurgence of inflationary pressures, nor fears of an economic slowdown have managed to slow down the equity market. However, beneath this apparent strength there lies an increasingly evident fragility: the growing concentration of the market. The bulk of the gains rests on an increasingly limited number of stocks, and the trend is particularly evident in the U.S. According to Goldman Sachs, 85% of the S&P 500’s gains so far in 2026 (10%) come from technology. Excluding the sector, the advance drops to 3%.

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Last year Time magazine included Pope Leo XIV among the 100 most important figures in the world in artificial intelligence (AI). It is no coincidence. Only eight days passed from his papal appointment to his first public remarks on the technology: “Truth is never separated from charity... Thus, truth does not distance us, but rather allows us to face with greater vigor the challenges of our time, such as migration, the ethical use of artificial intelligence and the protection of our beloved Earth,” he said in his second official address. His first encyclical, Magnifica Humanitas (magnificent humanity), is devoted precisely to this technology.

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