My take: bull run likely continues into May, but leadership broadens and volatility rises.
I would not chase index highs here. Prefer buying pullbacks or rotating into laggards.
Catch-up sectors:
• Utilities / power infrastructure, the hidden AI backbone
• Industrials, cooling, electrical equipment, grid upgrades
• Healthcare, defensive growth at better valuations
• Financials, if rates stay higher for longer
• Selective small caps, if breadth expands again
Mega-cap AI still leads, but second-order beneficiaries may offer better risk/reward now. The next leg up may look broader, not just higher.
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