Thomas Martin thinks the market rotation might be “structural,” with the shift beginning last November. “Clearly, it’s a switch to value over growth,” he argues, noting that we haven’t seen “estimate destruction” in earnings at all. He is encouraged by AI capex spending, happy that these companies are investing in “themselves,” though he notes that there will eventually be winners and losers. His stock picks include companies that have fallen recently, including Spotify (SPOT), and Uber Technologies (UBER).