Editorial companion

What stands out

CNBC highlights a striking shift: investors are valuing the industrials sector of the S&P 500 almost as richly as technology, driven by bets that Artificial Intelligence (AI) will turbocharge factories, logistics and equipment makers. That matters because it signals the narrative-driven re-rating that used to live mainly in software is migrating into the economy’s old guard, where profits are more cyclical and capital intensive. For people who invest with discipline the real test is whether AI lifts margins and returns on capital, or whether headlines are simply pushing prices ahead of measurable cash flows.