A bear market is a period when a major market index, such as the UK's FTSE 100 or the US's S&P 500, falls by 20% or more from its recent highs. This market environment is characterised by widespread pessimism. Investor confidence is low, leading many to sell stocks, which in turn pushes prices down further. This is the direct opposite of a bull market, where prices are rising and optimism is high.‍

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When are we in a bear market?

Bear markets can only be identified retrospectively, once a market index has fallen more than 20%. It is a backwards-looking label rather than a real-time indicator. 

However, certain economic signals often precede or accompany a bear market. These can include:

• Slowing economy: Key indicators like rising unemployment, a drop in corporate profits, and reduced consumer spending often signal an economic downturn that can lead to a bear market.
• Rising interest rates: Central banks, such as the Bank of England, raise interest rates to combat inflation. This can make borrowing more expensive, cooling the economy and sometimes triggering a market downturn.
• Geopolitical events: Major global events, such as wars or energy crises, create uncertainty and can cause investors to sell off assets in a flight to safety.

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How long do bear markets last?

There are different types of bear markets, and typically recovery times differ depending on the cause. Research from Goldman Sachs¹ identifies three distinct categories of bear market based on historical stock market data:

• Structural bear markets such as the Global Financial Crisis in 2007-2008 are triggered by a market imbalance and ‘bubbles’. By far the most severe type, average declines are around 60% and recovery time is around a decade. 
• Cyclical bear markets are tied to rising and falling economic cycles, and can be triggered by economic headwinds such as rising interest rates, impending recessions, and declining profits. Average declines are around 30%, which last an average of two years, and take about five years to fully recover. 
• Event-driven bear markets are triggered by single events such as wars, oil prices shocks, or a global crisis such as the Covid pandemic. Recovery periods are shorter, typically lasting around eight months, with full recovery in around a year. 

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What does bearish mean?

If you are a bear in the market, you are a stock market pessimist, and believe that prices are going to experience a downward trajectory. This is the direct opposite of being bullish, which is a belief that prices are heading upwards. 

A bear in the stock market might react differently depending on strategy and risk appetite. Some adopt a very high-risk strategy called short-selling, essentially betting on the falling price of a stock or market index, by borrowing shares from a lender, selling them on the open market, then selling them back to the lender at the (hopefully) lower price and profiting from the difference. 

Other bears might take a more defensive position, moving to ‘safe-haven’ assets such as cash and bonds, in an attempt to preserve or even grow capital during a market downturn.

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How to approach a bear market?

There is no one-size-fits-all approach to a bear market event, but for investors with a long-term horizon, the same key principles apply.

1. Avoid panic selling: keeping calm in the event of a market downturn is crucially important if prices have already fallen, and selling will simply ‘lock in’ any losses you’re seeing in your portfolio. You risk missing the recovery period, and could derail your long-term goals. 
2. Review your goals: if your financial goals are still years away, you likely have sufficient time to wait out the downturn. Familiarising yourself with the upward trends of the stock market over time can help put things in perspective.
3. Stay diversified: spreading your investments across different asset classes and regions, can help cushion the impact of a bear market, particularly in event-driven circumstances that can be specific to an industry or market region. 
4. Regular investments: continuing to invest a fixed amount, whatever the price, can help smooth out the ups and downs of the market. In a bear market, these investments are taking advantage of lower prices and potentially increasing returns when the market recovers. 

While bear markets can be unsettling, they’re a natural feature of the economic cycle, and can even present opportunities if navigated properly. Historically, bear markets in global markets have eventually been followed by a new bull market and a period of economic recovery, so staying the course if your financial goals allow it can be the best route for investors. 

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What is an economic indicator?

An economic indicator is a data point or set of statistics used to assess the performance of an economy. 

Governments and independent agencies regularly publish these indicators to provide insight into economic activity, trends and turning points.

Economic indicators are usually grouped into:

• Leading indicators: Signal future economic activity.
• Lagging indicators: Confirm trends that are already occurring.
• Coincident indicators: Move in line with the economy.

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Main economic indicators for markets

There are a variety of economic indicators investors in the UK tend to watch. Some of the main indicators relevant to investing include:
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Gross domestic product (GDP)

• Measures the total economic output of a country (the value of goods and services produced).
• A key indicator of overall economic health and growth.

Consumer price index (CPI)

• Used to measure inflation, which impacts interest rates and purchasing power.
• Tracks changes in the price of a basket of goods and services.

Unemployment rate

• Reflects the percentage of the workforce that is jobless and seeking work.
• High unemployment rates may indicate economic distress. Low rates often signal economic strength. 

Bank of England base rate

• The interest rate set by the central bank.
• Influences borrowing costs, mortgage rates and investment decisions. 
• Learn how interest rates affect the stock market. 

Purchasing managers’ index (PMI)‍

• A forward-looking indicator based on surveys of businesses.
• Indicates trends in manufacturing and services activity.

Retail sales data‍

• Tracks the value of goods sold by retailers.
• A measure of consumer spending and confidence.

Balance of trade‍

• The difference between imports and exports.
• A trade surplus or deficit can impact currency value and market sentiment.

Consumer confidence index

• Gauges how optimistic or pessimistic consumers feel about the economy.
• Often aligned with future spending behaviour. 

Wage growth

• Measures the pace at which average earnings are increasing.
• Impacts inflation and consumer spending power. 

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Interpreting economic indicators as an investor

Economic indicators rarely tell a complete story in isolation. Context always matters when it comes to investing. For example:

• Rising GDP might be positive, but if inflation is also climbing rapidly, it could signal overheating.
• Low unemployment might boost consumer spending, but it could also lead to rising wages and higher inflation.

As an investor, it’s essential to consider how indicators interact and how markets might react; not just what the numbers say. 

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How to use the stock market as an indicator

The stock market itself can act as a leading economic indicator. Equity markets often reflect investor expectations about future growth, interest rates and corporate earnings.

Key stock market signs to watch can include:

• Sustained market rallies often signal optimism about economic prospects. 
• Sharp corrections or volatility may reflect economic uncertainty or risk aversion. 
• Sector performance (such as consumer discretionary vs consumer staples) can hint at changing investor sentiment. 

Learn more about the stock market. 

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Advantages of economic indicators‍

• Accessible and public: Most indicators are released on regular schedules and available to everyone.
• Helps identify trends: Indicators reveal patterns in economic growth, inflation, employment and more.
• Supports informed decision-making: Investors can use indicators to anticipate potential shifts in interest rates, asset prices or policy changes. 

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Disadvantages of economic indicators‍

• Lagging effect: Some indicators only confirm trends after they’ve occurred.
• Market overreaction: Markets and investors may respond emotionally or irrationally to a single data point.
• Interpretation required: Indicators can be complex or give conflicting signals.  

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Economic indicators summary

For new and aspiring investors, economic indicators serve as essential signposts that help explain what’s happening in the broader economy. 

While they don’t predict the future with certainty, they offer valuable clues that can shape investment thinking and strategy. Understand how to build a passive income through investing. 

By learning to interpret these signals, alongside other tools and personal financial goals, you can make more informed, confident investment decisions in an ever-changing market environment. 

What Is buy and hold?

Buy and hold is a passive investment strategy. It involves purchasing an investment and holding it over the long term, often years or decades, with minimal trading. 

The rationale is based on historical data showing that markets tend to rise over time despite short-term volatility.

Rather than reacting to daily market news or price swings, buy and hold investors focus on the long-term potential of their investments, allowing compounding returns and capital appreciation to work in their favour.

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Advantages of a buy and hold strategy

• Compounding Returns: Over time, reinvested dividends and interest can significantly increase the total value of an investment.
• Lower Costs: Because it involves less buying and selling, this strategy reduces trading fees and potentially lowers capital gains tax liabilities in taxable accounts.
• Less Emotional Investing: A long-term view helps investors avoid reactive decision making in response to market dips or economic news.
• Tax Efficiency: In the UK, assets held longer than a year may be subject to more favourable capital gains treatment, especially when held within tax-efficient wrappers such as ssISAs or pensions.

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Risks of a buy and hold strategy

While buy and hold is relatively simple and historically effective, it’s not without risk:

• Market Downturns: Bad market days can still negatively affect portfolio values, particularly if they occur near an investor's time of withdrawal.
• Company or Sector Risk: Holding individual stocks over long periods can expose you to company-specific risks such as poor management or disruptive competition.
• Inflation Risk: Over decades, inflation can erode real returns if your investments don’t grow faster than inflation.
• Behavioural Risk: The strategy requires patience and discipline, emotional decisions can undermine its effectiveness.

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How to build a buy and hold strategy

1. Set Clear Objectives

Determine your financial goals, risk tolerance, and time horizon. Buy and hold works best with long-term objectives such as retirement planning.

2. Choose a Diversified Portfolio

Instead of focusing on single shares, many investors use diversified instruments like index funds or ETFs to spread risk across different sectors or markets.

3. Use Tax-Efficient Accounts

In the UK, Stocks and Shares ISAs or Self-Invested Personal Pensions (SIPPs) allow your investments to grow free from Capital Gains Tax and dividend income won’t count towards your Personal Allowance.

4. Automate Where Possible

Regularly investing a fixed amount (pound-cost averaging) can smooth out market volatility over time and build a habit of disciplined investing.

5. Review, But Don’t Overreact

Check and manage your portfolio annually or after major life changes, but avoid frequent trading. Adjust only if your goals or circumstances change.

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Buy and hold strategy summary

The buy and hold strategy is a cornerstone of long-term investing. Its simplicity and historical success make it especially appealing for new investors looking to build wealth over time.

While not without risks, its disciplined, passive nature aligns well with long-term financial goals.

In the next guide, we’ll compare two distinct investing styles: defensive and aggressive strategies, helping you understand how different approaches to risk and return can shape your investment journey.

What are the biggest companies in the world by market cap?

This list ranks the world’s biggest companies by market capitalisation, the cumulative value of a company's total outstanding market shares. We’ll also be highlighting other key figures, such as the company's revenue, gross profit, and 1-year return (all based on the previous fiscal year). 

Some other key facts such as the exchange the company is listed on, the founding year and country the company is headquartered in are also covered. 

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1. NVIDIA Corp.

• Market cap: $4.39 trillion
• Revenue: $148.51 billion
• Gross profit: $104.12 billion
• 1-yr return: +42.87%
• Exchange: Nasdaq
• Year founded: 1993‍
• Country: United States

NVIDIA designs powerful chip solutions supplying various innovative industries:

• AI and datacentres: GPUs that companies like Microsoft and Google use to build AI services. 
• Gaming: ‘GeForce’ graphics cards that power high-quality video games on PCs. 
• Professional & Automotive: Chips for film special effects, car infotainment systems, and self-driving technology.

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2. Microsoft Corp.

• Market cap: $3.75 trillion
• Revenue: $281.72 billion
• Gross profit: $193.89 billion
• 1-yr return: +20.93%
• Exchange: Nasdaq
• Year founded: 1975‍
• Country: United States

Microsoft’s software offers a range of services to businesses and consumers:

• Cloud computing: Supply computer power and storage to businesses using their Azure software. 
• Software: The Windows operating system and Office suite (Word, Excel, Powerpoint) powers PCs and productivity for businesses and consumers.
• Gaming: Own Xbox and major gaming franchises like Call of Duty.
• Other: Invest in AI with their OpenAI partnership and own professional social network LinkedIn.

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3. Apple Inc.

• Market cap: $3.37 trillion
• Revenue: $408.63 billion
• Gross profit: $190.74 billion
• 1-yr return: +0.67%
• Exchange: Nasdaq
• Year founded: 1976‍
• Country: United States

Apple are a global giant in consumer electronics and digital services:

• Consumer electronics: iPhone, Mac computers, iPads, the Apple Watch, and AirPods.
• Services: App Store, Apple Music, iCloud storage, and Apple TV+.

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4. Alphabet Inc. (Google)

• Market cap: $2.53 trillion
• Revenue: $371.21 billion
• Gross profit: $218.73 billion
• 1-yr return: +25.58%
• Exchange: Nasdaq
• Year founded: 2015‍
• Country: United States

Most of Alphabets revenue comes from advertising on its Google Search and Youtube platforms:

• Google Search & Ads: Core revenue stream comes from selling ads on their search engine and network of other websites. 
• Android: Operating system with widespread applications in mobile devices.
• Youtube: World’s largest online video platform, generating revenue from advertising on videos. 
• Google Cloud: Cloud computing business that competes with Microsoft and Amazon.
• Other bets: Series of investments in future facing projects (Access, Calico, CapitalG, GV, Verily, Waymo, and X)

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5. Amazon.com Inc. 

• Market cap: $2.43 trillion
• Revenue: $670.04 billion
• Gross profit: $332.38 billion
• 1-yr return: +28.53%
• Exchange: Nasdaq
• Year founded: 1994‍
• Country: United States

Amazon’s two main revenue streams are its world leading online store and cloud computing services:

• E-Commerce: Amazon generates profit from selling its own products and charging commission to sellers on their platform. They also make money from advertising on the site and their Amazon Prime subscription services. 
• Amazon Web Services (AWS): Largest revenue source for Amazon comes from its market leading cloud computing services — clients include Netflix and NASA.  

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6. Meta Platforms Inc. 

• Market cap: $1.89 trillion
• Revenue: $178.8 billion
• Gross profit: $146.53 billion
• 1-yr return: +40.30%
• Exchange: Nasdaq
• Year founded: 2004‍
• Country: United States

The social media giant that owns Facebook, Instagram, Messenger, and WhatsApp — nearly all of its revenue comes from the highly targeted advertising that reaches its user base.

• Targeted ads: Driven by data collected from their users base that allows advertisers to target different user groups.
• The Metaverse: Investing billions of dollars developing virtual and augmented reality hardware and software. 

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7. Saudi Arabian Oil Co.

• Market cap: $1.53 trillion
• Revenue: $460.55 billion
• Gross profit: $217.87 billion
• 1-yr return: –14.29%
• Exchange: Saudi Exchange
• Year founded: 1933‍
• Country: Saudi Arabia

State-owned energy giant that is one of the largest and most profitable oil producers in the world:

• Exploration and extraction: Identifying, drilling and pumping sources of crude oil and natural gas, benefitting from having some of the lowest production costs in the world. 
• Refinement and distribution: Refining crude oil into products like petrol, diesel, and chemicals, which are then sold globally.

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8. Broadcom Inc. 

• Market cap: $1.38 trillion
• Revenue: $57.03 billion
• Gross profit: $35.21 billion
• 1-yr return: +78.29%
• Exchange: Nasdaq
• Year founded: 1961‍
• Country: United States

Technology company designing chips for networking and smartphones, and sells essential software to large corporations. 

• Semiconductors (Chips): They design and sell a wide range of chips essential for Wi-Fi and Bluetooth in smartphones (key supplier for Apple), as well as networking equipment in data centers. 
• Cloud services: Large software companies (like VMware) that supply big businesses with IT and cloud computing infrastructure on a subscription basis. 

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9. Tesla Inc.

• Market cap: $1.12 trillion
• Revenue: $92.72 billion
• Gross profit: $16.21 billion
• 1-yr return: –11.15%
• Exchange: Nasdaq
• Year founded: 2003‍
• Country: United States

Tesla is the world’s leading manufacturer of electric vehicles, with further focus on energy and artificial intelligence.

• Electric cars: Main source of revenue and profit comes from their line of EVs like the Model Y, Model 3, Model X and Cybertruck. 
• Energy generation & storage: Renewable energy for consumers and businesses from solar panels and batteries — the Powerwall for homes and Megapack for utility companies. 
• Future goals: A large portion of Tesla’s valuation is based on future plans for technology like full self-driving technology and developing humanoid robots. 

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10. Berkshire Hathaway Inc.

• Market cap: $1.05 trillion
• Revenue: $370.15 billion
• Gross profit: $89.41 billion
• 1-yr return: +8.04%
• Exchange: New York Stock Exchange
• Year founded: 1893‍
• Country: United States

A huge holdings company that owns and invests in a diverse network of businesses.

• Owns companies: Key examples include GEICO (car insurance), BNSF (major American railway) and Duracell (batteries). The profits of all these companies flow into Berkshire. 
• Invests in stocks: They own a huge stock portfolio with large holdings in Apple, American Express, Bank of America and the Coca-Cola Company.
• The Model: They use cash from their businesses profits and stock growth to buy more businesses and stock, creating a powerful cycle of long-term growth. 

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What are the biggest companies by total annual revenue?

• Walmart: $680.00 billion
• Amazon: $637.96 billion
• Saudi Arabian Oil Co.: $479.17 billion
• UnitedHealth Group: $400.28 billion
• Apple: $391.04 billion

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What are the biggest companies by workforce?

• Walmart: 2.1 million
• Amazon.com: 1.56 million
• BYD: 968,870
• Accenture: 774,000
• Volkswagen: 679,470

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Summary

Understanding a company's performance is crucial; it's how you truly know what you own. These metrics directly drive the value of your stocks and funds. When you understand these key drivers, you can navigate market changes with confidence, rather than just reacting to headlines.

Next we’ll be looking at the biggest companies in the United Kingdom by market cap. 

All market data sourced from TradingView as of 26.08.2025.

What is a Cash ISA?

A cash ISA, short for Cash Individual Savings Account, is similar to a conventional savings account. However, its distinctive feature is the exemption from taxation on the interest earned.

In each UK tax year (which runs from April to April), you can deposit up to £20,000 into a cash ISA.

ISA savings are in addition to the Personal Savings Allowance (PSA), which permits basic rate taxpayers to earn up to £1,000 in savings interest annually without incurring tax liabilities.

Higher rate taxpayers (40% tax rate) qualify for a reduced PSA of £500 per year, while additional taxpayers earning £150,001 or more do not receive any allowance.

ISA limits apply. £20k per tax year. Chip does not provide tax advice or financial advice. Tax treatment depends on individual circumstances and may be subject to change in the future.

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How do Cash ISAs Work?

If you're thinking about using a cash ISA to grow your savings, here's a brief overview of how they work:

• Cash ISAs are typically easy to open.
• You can save up to £20,000 annually, and your account accrues interest similar to a standard savings account.
• A variety of cash ISAs are available, such as easy access, regular saver, fixed rate, and junior ISAs for individuals under 18.
• Different ISAs may have varying terms, including withdrawal restrictions on fixed rate cash ISAs.
• Transferring funds from previous tax years into a higher-yield ISA account is possible. Avoid closing an ISA when switching; instead, contact your new ISA provider to facilitate the transfer.

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Interest Rates on Cash ISAs

The interest rate depends on the type of cash ISA and the chosen provider. Fixed rate cash ISAs offer a guaranteed return for a set period, whereas variable rate cash ISAs may change if the provider adjusts its interest rates.

Use our interest rates calculator to see how much you could earn. 

Cash ISA interest rates can vary between financial providers, so it’s always good to do your research with comparing Cash ISA rates.

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Cash ISA factors to think about

Before opening a cash ISA, consider the following factors:

1. Interest Rate: The interest rate determines your savings' returns. Be aware that initial high introductory rates may decrease after a year, so consider transferring your ISA funds to a higher-yielding account at that point.

2. Account Type: Choose between easy access, fixed, or regular saver ISAs based on your preferences for return and accessibility.

3. Alternative ISAs: Apart from cash ISAs, you can explore stocks and shares ISAs. These involve investing in the stock market, offering potential rewards but also bearing some level of risk.

4. Annual Limit: You can open only one cash ISA each year. Think carefully before selecting your cash ISA, keeping in mind that your total ISA savings can't exceed £20,000 in any tax year.

5. Deadline: The tax year concludes on April 5th. Any unused ISA allowance cannot be carried over, so invest before this date to maximise your tax-free benefits.

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How Many Cash ISAs Can I Have?

You can have multiple ISAs, but you can only deposit a maximum of £20,000 in a given tax year.

Be aware that transferring funds from previous years' ISAs does not count towards this limit.

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Cash ISA Rules

Cash ISA rules are straightforward:

• You can deposit a maximum of £20,000 per tax year.
• Transfers from existing cash ISAs to new cash ISAs or splitting transfers among different providers are allowed.
• To switch between cash ISA providers, you must request a transfer. If you withdraw the money yourself, you'll lose your tax-free allowance on the entire sum.
• You can transfer money from a stocks and shares ISA to a cash ISA, but this requires a form to be submitted to the new provider (but please note you can't currently do this with Chip).

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Pros and Cons of Cash ISAs

Pros of cash ISAs:

• Tax-free savings.
• No risk of capital loss compared to stocks and shares ISAs.
• Flexibility to transfer to higher-yield accounts while retaining tax advantages.

Cons of cash ISAs:

• High interest rates may drop after the first year.
• Fixed rate cash ISAs may lock your money for a set period.
• Not all accounts accept transfers from previous years, and exit fees may apply.

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Switching Cash ISAs

Switching could be considered if you find an account offering a higher interest rate. Ensure the new provider accepts transfers and inquire about any penalties for moving your funds.

You can transfer savings from both the current and previous years. It may also be possible to request a partial cash ISA transfer however not all providers can facilitate this.

Avoid closing the ISA, as this would result in losing the tax benefits. Instead, contact the new provider to arrange the transfer.

Jasaun Knight remembers the first time he operated a PC using only his brain.“The experience of controlling a computer with my thoughts, moving a cursor around the screen and playing games, was mind-blowing,” said the 35-year-old American. “It was like telekinesis.

I felt I had a superpower.”Knight is one of fewer than 200 people worldwide who have been implanted with a brain-computer interface (BCI) — a device that detects neural activity and translates it into digital commands.

BCIs have the potential to restore speech and movement to people who have lost them through injury or disease. If the technology becomes safe and affordable, it could turn computers and artificial limbs into more direct extensions of the human body, reshaping the relationship between people and machines.

Companies developing BCIs have already raised more than $1bn in 2026, according to PitchBook data, compared with $1.56bn in the previous four years combined.

Neuralink, founded by Elon Musk a decade ago, is the best-funded, having raised more than $1.3bn in seven rounds. But dozens of competitors are pulling in substantial investments as they pursue a range of approaches to connecting computers to the nervous system.

“The field is advancing rapidly as investors move into neurotechnology, though it has already been well characterised and validated in academia,” said Michael Mager, chief executive of New York start-up Precision Neuroscience, which made Knight’s implant. “We in industry are now taking this transformative technology and making it into products that will have a broad impact.”

The most ambitious companies are developing “invasive” devices inserted through a surgical incision in the skull. Some, like Neuralink, have electrodes that penetrate the brain and are designed for long-term use. Others, including Precision Neuroscience, are developing thin, flexible BCIs that sit on the surface of the brain without piercing it.

Knight received his device during surgery for brain cancer as part of a clinical trial that lasted a few days.

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“I didn’t feel anything physically in my head,” he said. “Once you get the hang of it, your thoughts control what’s happening on the computer screen with no effort at all. ”Another area of research involves non-invasive systems placed on the scalp, which avoid the need for surgery altogether.

However, although they can be useful for diagnosis and research, the brain signals they receive are weakened by passing through the skull, and the devices are not yet sensitive enough to convert thoughts into dependable computer instructions. “All the hype and the funding is going into implantable BCIs,” said Damien Coyle, director of Bath University’s Institute for the Augmented Human.

“With non-invasive techniques the spatial resolution of signals is not so good, but they have a lot of scope for development over the next few years, for example to modulate brain activity. ”US companies including Synchron, Blackrock Neurotech, Axoft and Merge Labs benefit from deep American venture capital markets and a Food and Drug Administration that executives regard as more responsive than regulators in Europe.
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But a cluster of innovative BCI companies is emerging in Europe, among them CorTec in Germany, Onward Medical in the Netherlands, Spain’s InBrain, and Neurosoft and Ability Neurotech in Switzerland.

“The advantages of a European location lie in our deep engineering and precision manufacturing heritage as well as our talent in neuroscience,” said Frank Desiere, CorTec chief executive.

However, he added that Europe “has a real gap in late-stage funding and scale-up capital, as well as a fragmented reimbursement landscape”, and that the continent lacked a regulator “guiding and consulting manufacturers like in the US”.

The company has chosen US sites — the University of Washington and Mayo Clinic — for the first clinical trials of its BCIs.

Meanwhile, the industry is also growing rapidly in China following Beijing’s designation of BCIs last year as a nationally strategic sector, with a roadmap to create two to three “world-class” companies by 2030.

Several provinces have launched investment funds and industrial zones, backed start-ups and supported hospitals running clinical trials.

Private investors have followed suit. In the first half of 2026, VCs poured Rmb7bn ($1bn) into the broader neurotech sector across 60 investments, according to ITJuzi data.

Roughly a dozen Chinese companies are working on invasive BCI devices, according to a tally by the FT, with a much larger number developing non-invasive applications.

One leader in the field is NeuroXess, founded in Shanghai in 2021, which is developing flexible implants to treat severe neurological disorders.

Analysts say China has a strong advantage with its large patient population for clinical trials and regulatory support for accelerating the technology’s development.

Most BCIs work in one direction, reading signals from the brain and turning them into electronic commands. But some companies are developing systems that can also send signals back, creating a two-way exchange between brain and machine known as closed-loop stimulation.

CorTec is among them. “It’s like having a dialogue with the brain, adapting our therapy to the individual signals of the patient,” said Desiere. “In strokes we target the motor cortex, reading and stimulating the cells there so that they fire together. Neurons that fire together wire together.

”One of neurotech’s biggest opportunities may come when BCIs converge with another rapidly advancing field: prosthetics. Artificial limbs have been around since ancient times but developments in sensors, materials, batteries, motors and software are making them lighter, more capable and easier to control.

Bristol-based Open Bionics makes arms fitted with sensors that detect movement in a user’s remaining muscles and transmit the signals to the prosthetic hand.
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While the investment climate has fluctuated during the company’s 12-year existence, its revenues have grown at a compound annual rate of 60 per cent since 2018.Yet even the most advanced artificial hands lack much of the dexterity and sensation of the biological original.

The technical capability to build a hand that replicates many natural movements already exists, according to Joel Gibbard, Open Bionics co-founder and chief executive. But the systems used to control them remain “very, very rudimentary” — a problem BCIs have the potential to resolve.

Researchers hope a direct link to the brain could eventually provide the missing interface — and, if signals flowed both ways, restore a sense of touch.Meanwhile, Open Bionics is embracing the superhero associations of its technology.

Its Hero Arm offers children designs based on characters from franchises including Black Panther and Metal Gear through licensing agreements with companies including Disney.“There are technical limitations for today, but what people think about for the future is inspired by movies and science fiction,” said Gibbard.

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Back in New York, Knight, a former insurance agent who is now training as a software engineer, is considering a new career in neurotech — helping to develop the kind of systems he helped test.“After my experience,” he said, “I’d probably be a perfect candidate.”

The Nasdaq 100 hit a record high on Tuesday as a retreat in oil prices and optimism about AI developments drove a rally in tech stocks.

The index — which is heavily weighted towards the share prices of big tech companies, particularly AI and hyperscalers — closed 0.8 per cent higher at a new peak. It also struck a new intraday high that overtook its previous record set in early June. The broader S&P 500 closed fractionally lower.

Investors said that the success of Meta’s new Muse AI model, which quickly became the most downloaded free app on the Apple App Store after its launch this month, generally boosted sentiment this week. Meta rose 11.4 per cent on Monday, though shed 0.6 per cent on Tuesday.
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Michael Zigmont, co-head of trading at Visdom Investment Group, said the moves “look like the start of a broad momentum trade” for tech stocks, describing Monday’s trading session on Wall Street as an “everybody back into the pool moment”.

Tech stocks have wavered since early June, when a brutal unwinding of big bets on the sector saw some of this year’s biggest stock market winners tumble, including South Korea’s chip and memory giants. The sector has struggled to regain its footing since then, as soaring oil prices and a bond market rout have added to investors’ list of worries.

Oil prices have fallen and bonds have rallied in recent days on hopes of progress towards a settlement in the Iran war. Brent crude fell as much as 2.9 per cent in early trading on Tuesday after Saudi Arabia signalled the reopening of a key export pipeline.

“AI Fomo [fear of missing out] is back in force,” said Emmanuel Cau, chief European equities strategist at Barclays, adding that there were “several factors in play” in the rally, including lower oil prices and reports of US-China talks on AI.

Cau said that “the move was reflective of much cleaner positioning in the tech space” after the June deleveraging.

Chipmakers were among the biggest gainers on Tuesday, as investors bet that the success of models such as Muse would boost chip demand.

Sandisk gained 6.8 per cent, while Seagate Technology gained 4.8 per cent and Western Digital was up 3.7 per cent.

Treasury yields across maturities fell, with the benchmark 10-year yield down 0.01 percentage points at 4.95 per cent. Yields have risen dramatically in recent months, with prices falling, as traders have demanded a higher premium for their exposure to risks including price pressures related to the US war in Iran, worries about the US deficit and an economy firing on all cylinders.

The jump in Treasury yields, which lifts interest rates on debt for companies, has hit the share prices of tech companies heavily dependent on borrowing.

For millions of people, podcasts are a valuable source of information and entertainment, covering a wide range of topics. It is unsurprising, therefore, that a number of them focus on finance and money management. 

Whether you're looking to learn about budgeting, investing, or staying updated on economic trends, podcasts offer a convenient way to access expert insights and advice. Below are some of the best finance podcasts in the UK that cater to both beginners and seasoned savers alike.

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Money Box

Money Box, from BBC Radio 4, is a longstanding podcast that delves into various financial issues affecting individuals and businesses across the UK.

Hosted by Paul Lewis, it covers everything from pensions and mortgages to consumer rights and tax implications. Each episode features in-depth analysis, interviews with experts, and practical advice, making it a reliable resource for staying informed about personal finance matters.

Listen here

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The Martin Lewis Podcast

Hosted by finance guru Martin Lewis, the man behind MoneySavingExpert, this podcast aims to answer financial questions from listeners, offering valuable money-saving tips and simple, easy to grasp guidance. 

Listen here

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The Meaningful Money Personal Finance Podcast

Hosted by Pete Matthew, this podcast is — as the name suggests — dedicated to giving listeners the knowledge and skills to make informed financial decisions.

Pete covers essential topics such as budgeting, saving, investing, and planning for retirement in a straightforward and accessible manner. Whether you're just starting your financial journey or looking to enhance your money management skills, this podcast offers practical tips and tangible, actionable advice.

Listen here

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The Property Podcast

Hosted by property experts Rob Bence and Rob Dix, this podcast focuses on the UK property market and property investment strategies.

Whether you're a first-time buyer, seasoned investor, or simply interested in the real estate sector, it provides insights into buying, selling, and managing property. Episodes include discussions on market trends, property financing, and tips for successful property investments, making it a valuable resource for anyone looking to navigate the complexities of property ownership.

Listen here

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The Money To The Masses Podcast

Hosted by Damien Fahy, The Money To The Masses Podcast offers practical advice on personal finance, investing, and money-saving strategies.

Released every Sunday, Damien breaks down complex financial topics into easily understandable concepts, providing listeners with actionable insights to improve their financial wellbeing. 

Listen here

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The Rest is Money

Produced by podcast giants Goalhanger, the company behind The Rest Is Politics, We Have Ways of Making You Talk and The Rest Is History, The Rest is Money delves into the stories behind the money, looking at who's making it, who's spending it, and who's investing it.

Hosted by Robert Peston and Steph McGovern, each episode offers valuable insights into navigating the complexities of the financial landscape.

Listen here

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Money Clinic with Claer Barrett

Hosted by the FT’s money-making expert Claer Barrett, this podcast responds to real-life money questions from a range of guests — predominantly millennials — who are gearing up to battle the cost of living crisis. Each episode contains information, tips and takeaways shared by top FT writers and financial experts. 

Listen here

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Why listen to finance podcasts?

Finance podcasts provide a wealth of information and insights that can help you enhance your financial literacy and make better, more informed decisions about money management.

Whether you're looking to learn about investment opportunities, save for retirement, or simply improve your financial habits, podcasts offer a convenient way to access expert advice and stay updated on the latest trends in finance.

What is portfolio rebalancing?

Rebalancing a portfolio means adjusting your investments back to their original mix of assets in line with your goal, risk tolerance, capacity for loss and time horizon when market changes cause them to drift.

Over time, some investments grow faster than others, which can leave you with more risk (or less) than you intended. Rebalancing helps keep your portfolio aligned with your goals, risk tolerance and capacity for loss.

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How to rebalance your portfolio

Start by asking yourself a few key questions:

• Am I still comfortable with my original asset allocation?
• Has my financial situation or goals changed since I set it?
• Is my portfolio more aggressive or more conservative than I’d like it to be?
• Has my risk tolerance or capacity for loss changed?
  

If the answers suggest your portfolio has drifted away from where you want it to be, it’s time to consider rebalancing.

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Simple steps to rebalance your portfolio

There are a few different approaches investors use:

• Selling and buying. Selling some of the investments that have grown beyond your target and using the proceeds to buy more of the underweighted assets.
  
• Adding new funds. Directing new contributions into areas of your portfolio that are underrepresented, rather than selling anything.
  
• Automatic rebalancing. Some platforms and funds offer built-in rebalancing, adjusting your portfolio for you on a set schedule.

Which method you choose depends on your investment style, account type, and comfort level with making changes.

See our full guide on portfolio management.

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How often should I rebalance my portfolio?

There’s no strict rule, but generally checking your portfolio consistently, once or twice a year or if your circumstances have changed.

Some investors prefer a “threshold” method, where they only rebalance if allocations drift by more than 5-10% from their targets.

The key is consistency, regular reviews and not overreacting to every short-term market movement.

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Advantages of portfolio rebalancing‍

• It keeps your portfolio aligned with your goals and risk profile.
  
• Improves diversification over time.
  
• Reduces the chance of being overexposed to one asset or sector.
  
• Helps manage volatility and risk.
  
• Supports long-term investing discipline.

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Disadvantages of portfolio rebalancing‍

• May reduce exposure to sectors that are currently performing well.
  
• Could increase exposure to underperforming assets.
  
• May trigger taxes or transaction fees, depending on your account type.
  
• Requires time, effort, and a clear understanding of your goals.

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Rebalancing your portfolio summary

Rebalancing is a practical way to keep your portfolio on track as markets shift. By comparing your current allocation to your target, making adjustments where necessary, and sticking to a consistent review schedule, you can manage risk and stay aligned with your long-term goals.

Next in this series: Pound-cost averaging and how investing small amounts regularly can reduce risk and smooth out returns.