Higher Gas Prices and Today’s Stressed Consumer

Artificial intelligence, automation, and digitalconnectivity are transforming the economy—but they are also creating newvulnerabilities.In this episode of Let’s Talk Future, Bill Farmer, Head ofAerospace and Defense Technology Investment Banking at Oppenheimer, is joinedby Admiral Mike Rogers, former Commander of U.S. Cyber Command and former Directorof the National Security Agency.Admiral Rogers discusses why organizations must shift fromtraditional perimeter defense toward cyber resilience, how AI could enableattacks at unprecedented speed and scale, and why critical infrastructureremains an attractive target for sophisticated adversaries.The conversation also examines the growing role ofprivate-sector technology in national defense, the debate surrounding offensivecyber capabilities, the proliferation of drones in modern warfare, and what theUnited States must do to preserve its technological advantage.Oppenheimer Transacts Business on all Principal US Exchanges and is a Member of SIPC  9015417.1

Are higher gas prices about to change consumer behavior? In this episode of Let’s Talk Future, Jane Ross speaks with Oppenheimer’s Brian Nagel about the state of the consumer, the pressure on discretionary spending, and where bright spots remain in retail.© 2026 Oppenheimer & Co. Inc. Transacts Business on All Principal US Exchanges and is a Member of SIPC. 8971048.1

What if the future of longevity is less about living longer and more about living better? In the latest episode of Let’s Talk Future, Jane Ross speaks with Jay Olson, CFA, Managing Director and Senior Analyst covering Biotechnology at Oppenheimer, about the biotech innovations shaping healthy aging. The conversation explores GLP-1 obesity drugs, preventive medicine, muscle preservation, inflammation, diagnostics, and personalized therapies — and how these developments could help redefine health span.© 2026 Oppenheimer & Co. Inc. Transacts Business on All Principal US Exchanges and is a Member of SIPC. 8942277.1

In this episode, Tim Horan, Managing Director and Senior Analyst at Oppenheimer, speaks with Nazar Khan, Co-Founder, COO, and CTO of TeraWulf, about the growing connection between AI, data centers, and energy.They discuss how rising demand for AI is driving a surge in data center construction—and why access to power is becoming a key constraint.The conversation also covers how companies are adapting by building more flexible data centers and finding new ways to manage electricity usage.© 2026 Oppenheimer & Co. Inc. Transacts Business on All Principal US Exchanges and is a Member of SIPC. 8810766.1

Private credit has grown into a $2 trillion market—but recent headlines have raised new questions.In this episode of Let’s Talk Future, Matt Kennedy, Head of Sales and Marketing, Oppenheimer Asset Management, sits down with Michael Ardisson, President & Chief Operating Officer at Medalist Partners.They discuss what’s driving private credit’s rapid growth, the difference between liquidity stress and credit risk, and where opportunities may be emerging in today’s market.Oppenheimer Transacts Business on all Principal US Exchanges and is a Member of SIPC. 8841168.1

The space economy is expanding rapidly, with projectionsrising from approximately $100 billion today to $400 billion over the next decade. Tim Horan speaks with Brian O'Toole of BlackSky and Graeme Shaw of EarthDaily Analytics about next-generation Earth observation constellations, AI-enabled analytics, and the growing role of satellite communications within the global digital infrastructure.The discussion explores how real-time satellite intelligence and integrated communications networks may define the next phase of space-driven innovation.Oppenheimer Transacts Business on all Principal US Exchanges and is a Member of SIPC. 8781620.1

Housing affordability remains under pressure, even asmortgage rates begin to ease. In this episode of Let’s Talk Future, Tyler Batory, who covers residential real estate at Oppenheimer, joins Jane Ross to explain why housing demand stalled in 2025 and what may change in 2026.They discuss how rising everyday costs and low consumer confidence are limiting buyer participation, why homebuilders are pulling back on construction, and why tariffs and institutional investors are not major drivers of affordability challenges. Despite this ongoing uncertainty, Batory outlines what could prompt positive long-term changes in the housing cycle.Oppenheimer Transacts Business on all Principal US Exchanges and is a Member of SIPC. 8729525.1Full episode disclosures: https://www.oppenheimer.com/news-media/2026/podcast/the-housing-affordability-crisis-and-what-comes-next

Oppenheimer CEO & President Robert (Rob) Lowenthal joins Let’s Talk Future™ to reflect on the major developments that shaped 2025 and to outline the innovation, investment, and market dynamics expected to influence 2026. Rob discusses the unprecedented scale of AI infrastructure investment, the emerging opportunity across healthcare, space technology, defense innovation, and infrastructure, and provides a measured view of valuations, risk, and geopolitics. He reinforces why the U.S. continues to lead in innovation and why strong relationships remain central to Oppenheimer’s mission.   Podcast Disclosure: This podcast is the property of Oppenheimer & Co. Inc. and should not be copied, distributed, published or reproduced, in whole or in part. The information/commentary contained in this recording was obtained from market conditions and professional sources, and is educational in nature. The information presented has been derived from sources believed to be reliable but is not guaranteed as to accuracy and does not purport to be a complete analysis of any strategy, plan, security, company, or industry involved. Opinions expressed herein are subject to change without notice. Oppenheimer has no obligation to provide any updates or changes. Any examples used in this material are generic, hypothetical and for illustration purposes only. All price references and market forecasts are as of the date of recording. This podcast is not a product of Oppenheimer Research, nor does it provide any financial, economic, legal, accounting, or tax advice or recommendations. Any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Securities and other financial instruments that may be discussed in this report or recommended or sold are not insured by the Federal Deposit Insurance Corporation and are not deposits or obligations of any insured depository institution. Investments involve numerous risks including market risk, counterparty default risk and liquidity risk. Securities and other financial investments at times maybe difficult to value or sell. The value of financial instruments may fluctuate, and investors may lose their entire principal investment. Prior to making any investment or financial decisions, an investor should seek advice from their personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor's own situation. The views and strategies described may not be suitable for all investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular client of Oppenheimer or its affiliates. This podcast may contain forward looking statements or projections regarding future events.  Forward-looking statements and projections are based on the opinions and estimates of Oppenheimer as of the date of this podcast, and are subject to a variety of risks and uncertainties as well as other factors, including economic, political, and public health factors, that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and projections.  The performance of a benchmark index is not indicative of the performance of any particular investment; however, they are considered representative of their respective market segments.  Please note that indexes are unmanaged and their returns do not take into account any of the costs associated with buying and selling individual securities.  Individuals cannot invest directly in an index. This content is intended for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. No part of this podcast should be interpreted as a testimonial regarding the advisory services of Oppenheimer & Co. Inc. Any references to performance, investment opportunities, or market outlooks are based on current opinions, which are subject to change without notice. Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal.   Oppenheimer Transacts Business on all Principal US Exchanges and is a Member of SIPC   8664180.1

Rising healthcare costs, elevated utilization, and regulatory uncertainty are putting pressure on the U.S. healthcare system. In this episode of Let’s Talk Future, Michael Wiederhorn, Managing Director & Senior Analyst for Healthcare Providers & Services at Oppenheimer, explains the forces driving today’s difficult cycle—from deferred pandemic care and chronic disease to rising labor and drug costs. He also explores why ACA subsidies are so critical and how their potential expiration could impact millions. Despite the challenges, Wiederhorn sees signs of stabilization as providers and insurers reprice premiums, integrate across the care continuum, and adopt new technologies that improve efficiency. Election-year debate will add volatility, but the long-term outlook is improving.   Podcast 111 Disclosure: This podcast is the property of Oppenheimer & Co. Inc. and should not be copied, distributed, published or reproduced, in whole or in part. The information/commentary contained in this recording was obtained from market conditions and professional sources, and is educational in nature. The information presented has been derived from sources believed to be reliable but is not guaranteed as to accuracy and does not purport to be a complete analysis of any strategy, plan, security, company, or industry involved. Opinions expressed herein are subject to change without notice. Oppenheimer has no obligation to provide any updates or changes. Any examples used in this material are generic, hypothetical and for illustration purposes only. All price references and market forecasts are as of the date of recording. This podcast is not a product of Oppenheimer Research, nor does it provide any financial, economic, legal, accounting, or tax advice or recommendations. Any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Securities and other financial instruments that may be discussed in this report or recommended or sold are not insured by the Federal Deposit Insurance Corporation and are not deposits or obligations of any insured depository institution. Investments involve numerous risks including market risk, counterparty default risk and liquidity risk. Securities and other financial investments at times maybe difficult to value or sell. The value of financial instruments may fluctuate, and investors may lose their entire principal investment. Prior to making any investment or financial decisions, an investor should seek advice from their personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor's own situation. The views and strategies described may not be suitable for all investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular client of Oppenheimer or its affiliates. This podcast may contain forward looking statements or projections regarding future events.  Forward-looking statements and projections are based on the opinions and estimates of Oppenheimer as of the date of this podcast, and are subject to a variety of risks and uncertainties as well as other factors, including economic, political, and public health factors, that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and projections.  The performance of a benchmark index is not indicative of the performance of any particular investment; however, they are considered representative of their respective market segments.  Please note that indexes are unmanaged and their returns do not take into account any of the costs associated with buying and selling individual securities.  Individuals cannot invest directly in an index. This content is intended for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. No part of this podcast should be interpreted as a testimonial regarding the advisory services of Oppenheimer & Co. Inc. Any references to performance, investment opportunities, or market outlooks are based on current opinions, which are subject to change without notice. Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal.   Oppenheimer Transacts Business on all Principal US Exchanges and is a Member of SIPC  8617142.1  

In this episode of Let’s Talk Future, host Jane Ross speaks with Kristen Owen, Managing Director and Agriculture Technology Analyst at Oppenheimer, about how renewed trade progress with China, persistent food inflation, and the rise of artificial intelligence are reshaping American agriculture. Together they explore how innovation, policy, and global trends are redefining opportunity and resilience across the food economy—and why, even amid uncertainty, technology is helping build a stronger, smarter, and more sustainable future for farming.   Podcast Disclosure: This podcast is the property of Oppenheimer & Co. Inc. and should not be copied, distributed, published or reproduced, in whole or in part. The information/commentary contained in this recording was obtained from market conditions and professional sources, and is educational in nature. The information presented has been derived from sources believed to be reliable but is not guaranteed as to accuracy and does not purport to be a complete analysis of any strategy, plan, security, company, or industry involved. Opinions expressed herein are subject to change without notice. Oppenheimer has no obligation to provide any updates or changes. Any examples used in this material are generic, hypothetical and for illustration purposes only. All price references and market forecasts are as of the date of recording. This podcast is not a product of Oppenheimer Research, nor does it provide any financial, economic, legal, accounting, or tax advice or recommendations. Any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Securities and other financial instruments that may be discussed in this report or recommended or sold are not insured by the Federal Deposit Insurance Corporation and are not deposits or obligations of any insured depository institution. Investments involve numerous risks including market risk, counterparty default risk and liquidity risk. Securities and other financial investments at times maybe difficult to value or sell. The value of financial instruments may fluctuate, and investors may lose their entire principal investment. Prior to making any investment or financial decisions, an investor should seek advice from their personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor's own situation. The views and strategies described may not be suitable for all investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular client of Oppenheimer or its affiliates. This podcast may contain forward looking statements or projections regarding future events.  Forward-looking statements and projections are based on the opinions and estimates of Oppenheimer as of the date of this podcast, and are subject to a variety of risks and uncertainties as well as other factors, including economic, political, and public health factors, that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and projections.  The performance of a benchmark index is not indicative of the performance of any particular investment; however, they are considered representative of their respective market segments.  Please note that indexes are unmanaged and their returns do not take into account any of the costs associated with buying and selling individual securities.  Individuals cannot invest directly in an index. This content is intended for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. No part of this podcast should be interpreted as a testimonial regarding the advisory services of Oppenheimer & Co. Inc. Any references to performance, investment opportunities, or market outlooks are based on current opinions, which are subject to change without notice. Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal.   Oppenheimer Transacts Business on all Principal US Exchanges and is a Member of SIPC 8570819.1