Markets have narrowed sharply around a single theme: AI hardware bottlenecks, amplified by the launch of AI agents and scaled-up capex plans. Concentration and single-theme exuberance typically precede a durable broadening, with value dispersion narrowing and the style outperforming even as industry outcomes widen through disruption. Markets are at a turning point where the valuation extremes are set to unwind, and the next cycle’s winners will look very different from previous decades. Allocators seeking diversification and protection should rebalance toward fundamental value in glo...