$CYCLICALS - Cyclical stocks outperforming as economic growth accelerates with fading tariff headwinds and fiscal policy tailwinds
$SMALLCAPS - Small caps outperforming large caps for first time in a while as part of market broadening theme
$INFRA - Massive AI infrastructure buildout with hyperscaler CapEx rising from $540B to $660B in 2026, creating opportunities for infrastructure providers
Bearish:
$SOFTWARE - Software stocks experiencing massive derating from 35x to 20x forward earnings as growth expectations collapse from 15-20% to 5-10%
$PUBLISHING - Publishing and media sectors under pressure from AI disruption risk with industry-specific AI applications being rolled out
$LEGALTECH - Legal services facing selling pressure after Claude's co-work tool launch with plugins targeting the industry
$INSURANCE - Insurance companies seeing selling pressure as AI tools emerge that can compare insurance quotes
$GAMING - Gaming stocks under pressure after Google's Genie 3 model release with gaming-related AI tools