Case for a healthy market rotation vs. a tech bubble

The current market looks more like a healthy rotation than the start of a tech bubble.

Leadership has shifted within technology toward companies tied to AI investment, which suggests changing preferences rather than broad speculative excess.

At the same time, weaker oil prices and lower inflation expectations point to a calmer macro backdrop.

Breakevens also suggest moderation in price pressures, which supports a more stable outlook for risk assets.

For investors, the key question is not whether growth is ending, but where leadership may broaden next as conditions evolve.