It's a broadening market theme and healthy de-concentration. We remain constructive on US equities with S&P 500 target 7000-7400 supported by 8-13% earnings growth. Rotation is spreading outside US to Korea, Taiwan, Japan, Hong Kong.

Three themes for 2026: equity markets broaden, yield curves steepen, dollar may still be on a weakening path. Three bulls: 1) Smart bull (AI innovation in US, Taiwan, Korea, biotech), 2) Slow bull (China at top, modest index gains, fast leadership rotation), 3) Reform bull (India, Japan governance boosting earnings).

Yesterday's move was valuation rerating/rotation, not verdict on AI perils or health of real estate sector. Real estate services is execution-intensive where AI is more likely an enabler for search, workflow, underwriting support.

AI seen as both source of volatility and catalyst for long-run opportunity. Time horizon difference drives sentiment swings. Macro fundamentals remain solid - no evidence AI is detrimental to job market yet.

Not necessarily history repeating. Looking at earnings - big difference from 2000 is companies today have earnings profiles. Diversified playbook continues to be main message.