With the S&P 500 setting a record high on January 23, this was a risk-on month and 35 of 48 (73%) themes outperformed. Technology led the way. Nvidia's DeepSeek pain was Software's gain, as investors speculated AI development costs may go down. Still, a slowing in Big Tech cloud revenue could lead to a valuation correction, and we have noticed more defensive positioning the past two weeks.
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