July didn't punish risk, it punished concentration
In our thematic cluster ranking, the semiconductor and AI complex went from the top of the cross-section to its very bottom in roughly three weeks. Out of 73 themes: memory & storage fell from #2 to #70. Chip design & foundry from #3 to #67. Quantum computing from #12 to #73.
What replaced them wasn't the usual defensive playbook: regional banks, managed care, life-science tools, healthcare distribution, rail — themes that climbed 30 to 60 ranks in the same window.