One of the most remarkable features of the current market cycle is that capital is no longer simply chasing growth. Increasingly, growth is chasing capital.

For much of the past two years, investors have focused on the beneficiaries of artificial intelligence. Semiconductors, hyperscalers and software providers dominated both headlines and portfolio returns. The central debate revolved around whether AI would deliver the productivity gains and earnings growth implied by increasingly ambitious valuations. That debate has not disappeared. However, it is no lo...