The bullish case remains strong: AI capex is real, hyperscaler spending is accelerating, and earnings from GOOG, AMZN and MSFT continue to validate infrastructure demand. That supports semis, memory and data centre supply chains.
But narrow breadth is a warning sign. If leadership gets crowded, even strong markets can see a healthy 5 to 10% reset.
Would I chase?
Not aggressively at highs. I would scale in on dips rather than FOMO buy breakouts.
Catch-up sectors:
1. MU / storage
2. VRT / power-cooling infra
3. Industrials tied to grid upgrades
4. Select software names that monetise AI, not just spend on it
My base case: higher by year-end, bumpier in May.
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