We just wrapped an incredible first half of 2026, with the S&P 500 up around 10% and the Nasdaq up about 12%, built almost entirely on chips, memory, and AI infrastructure names. Then July hit, and the market rotated hard. The leaders of the last six months got sold, the laggards got bought, and financial media started asking whether the AI trade has finally run its course.
So while the crowd wrings its hands over a rotation, I want to point you toward two sectors that recently started breaking out while everyone else was busy panicking.
This post originally appeared at InvestorPlace.