# Advisory Research Sees Midterms as Minor Beside AI Buildout

By Token Post

Canonical URL: https://www.tokenpost.com/news/insights/47113
Published: 2026-11-03T01:03:24.000Z
Updated: 2026-11-03T01:03:24.000Z
Section: Insights & Views

> Its Q3 2026 letter said the Nov. 3 election would dominate headlines. Damir Tokic separately cited company indicators in support of his AI bubble-burst thesis.

Advisory Research's Q3 2026 Global Investor Letter ranked the AI buildout above the U.S. midterms in its market outlook, describing the Nov. 3 election as a secondary issue for investors.

“The midterms will dominate headlines this fall, but we'd file them under ‘minor issue’ relative to the AI buildout,” the letter said. It also described earnings growth as support for the AI rally.

Damir Tokic offered a more bearish reading of AI-related company signals in an Oct. 30 analysis. He argued that Alphabet and Microsoft missed third-quarter AI capital-expenditure expectations, Caterpillar's inventory increased 22% and ServiceNow's revenue guidance lagged its AI contract-value figures.

Tokic presented those indicators as support for his AI bubble-burst thesis. His interpretation differs from Advisory Research's view that earnings growth supports the rally. The U.S. federal general election is scheduled for Nov. 3, 2026.