The real feeling I get from the market signals I see on Gate — funds are flowing from small-cap stocks to AI leaders

The S&P 500 has risen for the ninth consecutive week, with a year-to-date gain of more than 10%, and the Nasdaq is already up 16% since the beginning of the year. But is this rally truly benefiting the whole market? I looked through Gate’s U.S. stock list and found that it isn’t.

Stocks doing well are basically tech giants. NVDA, Apple, Microsoft, Google—only the largest companies by market cap are driving this round of the rally. Most non-tech sectors are largely trading sideways while grinding out their base. Even some small-cap stocks that used to perform well are actually falling recently instead.

What does this phenomenon mean? Capital is concentrating. It’s not that the market overall is genuinely improving—rather, all the money is rushing into the most certain track: AI computing power. Tech giants are expected to invest as much as $725 billion in capital expenditures by 2026, most of it going to AI data centers.

Broadcom, AMD, and Micron are all rising, but the strongest of all is NVDA.

Small-cap stocks are currently in a period of contesting at the bottom. Some people think low valuations are an opportunity, while others think the market hasn’t bottomed out yet. I choose to fire my bullets first at the more certain places. Once the AI track stabilizes, I’ll consider using small positions to look for the next opportunity.

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