A useful way to read the market now:
watch where stability is building, not where price is moving the fastest.
AI efficiency (not just AI hardware)
Companies improving productivity through AI tend to show stronger margins before the market notices.
Cash-rich companies
In a high-rate environment, firms with large cash positions quietly benefit from interest income.
Supply-chain winners
Companies reshoring or diversifying supply routes are reducing long-term risk, which the market slowly prices in.
The strongest companies of the next cycle are often the ones strengthening fundamentals during the quiet phases — long before the crowd starts paying attention.