Rotation Away Persists

15%its chance, of the story’s futures

−0.6%on the S&P 500, if it happens

Portfolio managers continue reducing AI concentration after a year of elevated volatility and return-on-capital concerns. The S&P 500 holds up better than the AI basket as money moves into defensives and non-AI cyclicals.

What it moves

Technology−1.6%
Healthcare+0.8%
Utilities+0.8%
Consumer Non-Cyclicals+0.7%

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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