Barclays Brief

2026 is expected to be a breakthrough year for the US robotaxi market, as autonomous vehicles shift gears from pilot projects to large-scale deployment across major cities.Some players are expanding their fleets and coverage, while others are working to remove safety drivers and enter new metro areas. Meanwhile, several ride-hailing companies face strategic challenges as they invest in fleets but lack proprietary AV technology.In this week’s episode, Senior Research Analyst for the Internet Sector, Ross Sandler, and Global Head of the Product Management Group, Patrick Coffey, discuss the emerging investment themes, from rapid fleet growth to evolving partnerships and the race to improve remote operator ratios for cost efficiency.Listen in as they map out where the robotaxi journey is headed in 2026.Listeners can hear more on this topic:•Flip Side #76 – Is the AI investment cycle a sign of history repeating?•Barclays Brief #7 - US dollar & the AI capex cycleClients can read more on Barclays Live:•Charts Worth a Look: The US Robotaxi Market Heading into 2026•Tesla, Inc. - FSD data driving excitement...we see considerations, but narrative remains intact•What if... robotaxis & ride-hail drive a $42bn alcohol boom in the US?Important Content DisclosuresImportant non-Research Content Disclosures

If you spent 2025 watching credit and thinking “this feels suspiciously quiet,” you are not alone. Barclays’ Global Head of Research, Brad Rogoff, and Global Head of Equities Distribution, Ronnie Wexler, walk through the late‑cycle credit playbook for 2026: why spreads might finally move, how trillion‑dollar ambitions for AI are colliding with debt markets, and why private credit’s rapid growth brings new complexity and risk.​They also examine structural credit market shifts, such as portfolio trading and liquidity dynamics, and what they could mean for stability as financing needs expand across public and private markets. Dive into the full conversation to explore where credit markets may go next.​Listeners can hear more on this topic:​Barclays Brief Ep. 5: Private credit: Hidden interconnectivity​Barclays Brief Ep. 6: Hyperscalers: Hypergrowth, higher risk ​Clients can read more on Barclays Live:​Not just sunshine and rainbows: https://live.barcap.com/go/publications/link?contentPubID=FP692f6577b7837d79e2140dee&restriction=DEBT​Important Content Disclosures​Important non-Research Content Disclosures

Conversations about AI often revolve around the outlooks for the Mag7, capex or the resources required to power the technology. This episode of the Barclays Brief explores agentic AI’s potential for tangible results if applied to the energy industry. Lydia Rainforth, Head of European Energy Equity Research, joins Patrick Coffey to explain how agentic AI, defined as systems that plan, decide and act without human intervention, could unlock $80bn in productivity gains by 2030. ​The bulk of productivity gains could be realised in upstream – the exploration and extraction of raw oil and natural gas. Lydia breaks down practical use cases from faster seismic interpretation and higher hit rates in exploration to more precise, increasingly autonomous drilling. They also look at the hardware offering innovation in predictive maintenance using drones and robots that could cut downtime and increase output. ​Listen now to hear the insights and the introduction of Barclays’ AI Readiness framework (BAIR), which allows clients of Barclays Investment Bank to see companies graded by their level of implementation of AI, helping identify potential winners and laggards.Listeners can hear more on this topic:​Barclays Brief Ep 6 - Hyperscalers: Hypergrowth, higher riskBarclays Brief Ep 7 - US dollar & the AI capex cycleBarclays Brief Ep 8 - Critical minerals: the new oilClients can read more on Barclays Live:​New Horizons – Agentic AI, the $80bn game-changer for energyImportant Content Disclosures​Important non-Research Content Disclosures

The rise of real-time trading platforms, combined with steady 401(k) inflows, has amplified wealth effects – making retail investors acutely aware that fluctuations in equity markets directly influence their perceived financial well-being, with over 30% of household net worth tied directly to equities*. As Alex Altmann puts it, “the stock market now is the economy”, as market moves have the potential to ripple straight into household spending and sentiment, reshaping the old narrative.In this week’s episode of the Barclays Brief, Patrick Coffey speaks to Alex to reveal the signals institutional investors should be looking for in 2026, from retail trading cycle when tax returns come due to how commodities aren’t fully appreciated by markets. With US-China talks on the horizon, commodity price surges could not only disrupt supply chains, but impact household budgets.Tune in for actionable perspectives and the themes investors can’t afford to overlook for 2026. *Federal Reserve Flow of Funds Listeners can hear more on this topic:Barclays Brief ep8: Critical minerals: the new oilBarclays Brief ep2: Gold: Unpacking the rallyClients can read more on Barclays Live:AI and a larger-than-expected commodities cycleThe magnetic pull of rare earthsMined Matters – From Crypto to Commodities: More Fuel for the Gold RallyImportant Content DisclosuresImportant non-Research Content Disclosures

As technological advancement continues at pace across AI, defence and everything in between, demand for critical minerals such as rare earth elements (REEs) and copper, lithium, aluminium, nickel and cobalt (collectively known as CLANCs) has skyrocketed. Yet their supply is incredibly concentrated, making access a high stakes priority for many economies. China has invested heavily over recent decades in everything from mineral processing plants to STEM graduates and has become the dominant supplier of critical minerals.With spot prices recently trebling amidst trade tensions and defence spending increases, countries in the West are balancing the need for immediate access to existing supplies with a strategic, longer-term pivot to build out mine-to-magnet processing.In this episode of the Barclays Brief, Ronnie Wexler is joined by Zornitsa Todorova, Head of Thematic FICC Research, to discuss why critical minerals are set to become a defining market theme for 2026. They break down why critical minerals are the ‘new oil’, what's driving current market volatility and what the future of supply could look like.Listeners can hear more on this topic:Talent and trade: the new battlegrounds in AIQ1 2026 Global Outlook: As goes AI...Clients can read more on Barclays Live:Critical Minerals: the magnetic pull of rare earths2025 Equity Gilt Study - Minerals and mindsQ1 2026 Global Outlook: As goes AI...Important Research Content DisclosuresImportant Non-Research Content Disclosures