AI and semiconductor stocks have run hard. These are the sectors I'm watching for the next rotation: Robotics: Software AI ran first. Physical AI is next, and we're already seeing very strong interest from VCs/funds. One of my highest-conviction bets over a longer time horizon. Biotech: Big Pharma is staring down a patent cliff, lots of buyouts of smaller companies will occur - strong narrative. Space: The top proxies reset hard after the SpaceX hype. But fundamentally still exciting. Nuclear: There is still a huge power shortage, and there are lots of commitments to build more plants over the next 5-10 years. AI giants are supporting. Rare earths: Still a major supply chokepoint with China (both supply and processing). Needed for all of the above (robotics, EVs, defence etc.) Overall, my approach is a mix of a) slowly building long-term positions in themes I believe in (something I've been doing for years and will continue to do during downturns), and b) breakout/momentum trading to capitalize on what is likely to be the last explosive period of the business cycle.(Miles Deutscher)