As new tech shines, market takes rest on old cushions: Devina Mehra

First Global founder Devina Mehra highlights a rotation in US markets away from mega-cap tech toward small-caps, value, and transportation stocks. The Russell 2000 is up 20% and the Dow Jones Transportation Average is up 30.2% in 2026, while the Mag 7 has gained only 0.6%, with Meta down nearly 13%, Microsoft 21%, and Tesla almost 11% year-to-date. She warns that about 70% of the S&P 500 move this year has come from semiconductor and equipment companies riding an estimated 800 billion dollars in AI-related capex, and cautions that this capital-intensive, cyclical sector could see a sharp revenue correction once that spending cycle peaks.