At the same time, weaker free cash flow at big tech doesn’t look bearish to me. I see it as a reinvestment cycle into AI infrastructure—power, cooling, and data centers—which helps explain why energy exposure like Energy Select Sector SPDR Fund (XLE) is gaining attention alongside SPDR S&P 500 ETF Trust (SPY).
Personally, I’m not rotating out of tech. AI remains a structural trend, though we may see a temporary shift where energy and infrastructure benefit while tech consolidates. 📊
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