The Great Rotation Has Begun. For the past two years, the market rewarded one thing above everything else: the story. Capital flooded into AI infrastructure, quantum computing, SMR nuclear, space, memory, cloud infrastructure, and anything connected to the next technological revolution. Investors weren’t just buying earnings, they were buying narratives. But markets don’t move in straight lines. When expectations become too high and valuations stretch beyond fundamentals, capital eventually starts looking elsewhere. That’s where the next opportunity may lie. The money leaving the “story stocks” doesn’t disappear, it rotates. It flows into businesses that quietly generate real cash flow, have durable competitive advantages, and are trading at discounts because they were overlooked during the AI frenzy. Think: • Healthcare • Financial infrastructure and payment “toll booths” • SaaS and vertical software • Communication services • Consumer compounders • Industrial leaders • Specialty materials These companies may not dominate headlines, but they dominate something far more important: cash generation. History has shown that the biggest returns often come not from chasing what everyone already loves, but from identifying quality before the crowd rediscovers it. The next phase of this market may not be about finding the next exciting story. It may be about finding businesses with resilient earnings, strong balance sheets, and valuations that already price in pessimism. The greatest wealth is often built by rotating before everyone else realizes the rotation has begun. Are we witnessing the start of the Great Repricing? Time will tell, but the market is beginning to reward cash flow over hype once again. Credit: Adam Khoo