AlphasFuture

The S&P 500 gained over 5% in May, but almost all of that gain came from technology stocks.

The AI supercycle remains alive and well, yet beneath the surface many sectors are facing slowing growth and historically attractive valuations.

Our latest market commentary explores what investors may be missing as the market becomes increasingly concentrated around AI.

After nine months of gains, the S&P 500 finally posted a negative month in Feb.
The decline was small—but the shift in market leadership was not.
Markets may be starting to reprice risk - whether from macroeconomic shifts, geopolitical developments, technological disruption, or company-specific challenges.

U.S. Equities: When Markets Reprice Risk February marked the first negative month for the S&P 500 after nine consecutive months of gains. While the decline of 0.8% was modest in magnitude, it represents a notable shift following a prolonged period of strong equ...

Markets aren’t questioning AI’s potential — they’re questioning the price of growth. As enthusiasm fades, valuation discipline is back, and investors are paying less for future growth even as fundamentals remain intact. Our latest market commentary is below.

U.S. Equities: Investors Question the Price of Growth Over the past few months, markets have started to ask a different question about AI and technology — not whether growth will happen, but how much that growth is worth paying for.