Robertson Stephens Weekly Commentary – June 1, 2026

Confidence in the durability of US labor markets seems to be rising, despite the extreme anxiety in many quarters over the role of artificial intelligence. Recent speeches by Federal Reserve Board members and Federal Reserve Bank Presidents have indicated that the emerging role of AI is undeniable, but its near-term effect on both jobs and productivity is still modest. The US market has been split cleanly in two, with the dividing line running straight through the technology sector. The S&P 500 fell roughly 4.5% in the first quarter before climbing 19.5% since the start of the second quarter. On the wealth planning front, we discuss why blended families should pay special attention to their estate plans.