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Also notable are the countries that have won from this rotation.
India $EPI hosts a number of "AI losers" like $INFY and $WIT - and has suffered a multi-year bear market in relative terms.
As a result, it is home to companies whhich gifted capital to the AI trade and are now claiming it back, and started this rotation at a lower valuation than before.
Unsurprising to see Swiss stocks also offering a safe haven during a flight to safety...