September Market Commentary

A view of the markets in September 2025. Commentary provided by Thornbridge Appointed Representatives.

A view on AI, by Galvanize Climate Solutions UK LLP, the sub-advisors who execute the strategy for Galvanize Global Equities

In a year of AI load growth explosion, September may be the biggest surprise yet. OpenAI continued on its relentless path to dominate compute resources with a deal with Nvidia to raise $100bn on top of its latest round which valued the company at $500bn (now the most valuable private company in the world) and a roadmap to 250GW of compute (from 2GW end 2025) early next decade. The first hints of this were seen early in the month when Oracle released their latest results revealing data centre revenue backlog (Remaining Performance Obligations) grew 360% year on year to $415bn, within which OpenAI committed to 4.5GW of capacity in a single quarter.

An overview of the market, by Universum Wealth Ltd, a Thornbridge Appointed Representative

Global markets ended Q3 2025 on a strong note, as optimism around US rate cuts and easing trade tensions lifted sentiment. The Fed delivered its first rate cut in September, prompting a rally in equities and safe-haven assets. US and Asian markets led gains, with technology and Al-related stocks again at the forefront, while European shares lagged.

Bonds benefited from falling front-end yields, though long-dated Treasuries and Gilts remained under pressure amid fiscal concerns. Gold surged to record highs, supported by lower real yields and heightened geopolitical and fiscal uncertainty, while oil prices softened on supply expectations.

With around 100 bps of further Fed easing priced in, markets face a delicate balance between growth hopes and inflation risks. We maintain a quality-biased, diversified stance, combining selective growth exposure with defensive hedges in gold and high-quality fixed income.

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