I've noticed an interesting thing lately in the market. The stocks of big tech companies have been under constant pressure for months now, and the reason is quite clear: investors are starting to seriously worry about how much companies are spending on artificial intelligence.

This week Bloomberg highlighted a trend that I believe is still underestimated. What’s happening is a real portfolio rotation. Investors are not abandoning the market; they are simply shifting their money from tech stocks to sectors that benefit more directly from a growing economy.

I think it’s important to understand what’s behind this movement. When you look at the financial statements, you see that spending on AI continues to grow exponentially. Big tech invests huge amounts in infrastructure, research, acquisitions. At some point, investors start asking: when will they see concrete returns? And meanwhile, if the economy is doing well, why not consider other sectors?

What’s striking is that this rotation out of tech stocks is not a flight from the market but a strategic reallocation. It’s a sign that the market is becoming more selective, more attentive to actual profitability prospects beyond the mere hype of artificial intelligence.

In my opinion, this dynamic will continue until we have greater clarity on the concrete financial impacts of AI. In the meantime, stocks that benefit from overall economic growth are gaining interest. It’s worth keeping an eye on how this trend develops in the coming quarters.