A Market Rotation Is Underway As Capital Begins To Leave The AI Trade | New Harbor Financial
Change is afoot
Happy Thanksgiving, everyone!
There are some big capital rotations underway right now in the stock market.
In the AI trade, we’re seeing capital start to flow from the biggest player, Nvidia, into Google.
Is the baton being passed to a new lead stock for the sector?
Time will tell. But it’s starting to look that way.
And we’re also seeing capital move from the AI hyperscalers into other sectors -- like biotech and pharma -- whose stocks had been trading at much lower valuations.
Is Wall Street staring to develop an interest in value stocks after feasting for years at the growth table?
In this special Thanksgiving edition of their monthly macro and market review, the team at New Harbor Financial and I discuss these key questions.
Hear it all by clicking here or on the video below:
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Adam’s Notes: New Harbor Financial (recorded 11.25.25)
EXECUTIVE SUMMARY:
The recent Nvidia earnings reversal was dramatic but does not likely signal the imminent death of the AI trade; instead, leadership appears to be rotating from Nvidia toward Google and, more importantly, from mega-cap tech into entirely new sectors.
A durable sector rotation is underway, with healthcare, biotech, and pharmaceuticals taking the baton as the strongest performers; financials were trimmed last week.
The S&P 500 has
