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Sector & Factor Rotation
When indices look calm, the dispersion between sectors and styles often says more than their level. Value versus growth, momentum, index concentration and smart beta reflect expectations on the cycle and rates, but also a structural effect: passive flows now shape which stocks lead. Quarterly capex and free cash flow for six US tech giants measure how much of this runs on AI spending.
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6in-depth analyses
2datasets
2quick reads
Research and data
Our in-depth research and the downloadable series on the subject.
Dataset Big Tech CapEx-to-Revenue Ratio: Quarterly Capital Intensity for AAPL, MSFT, GOOGL, AMZN, META, NVDA Since 2015 Big Tech CapEx-to-Revenue Ratio: quarterly capex intensity for AAPL, MSFT, GOOGL, AMZN, META, NVDA since 2015. See the data → Dataset Big Tech Free Cash Flow: Quarterly Operating Cash Flow Minus Capital Expenditure for Six US Tech Firms Since 2017 Big Tech free cash flow: quarterly operating cash flow minus capex for AAPL, MSFT, GOOGL, AMZN, META, NVDA. See the data → 
StudyBig Tech AI Capex 2025–2026: $1.1 Trillion in 24 Months vs Apollo, Marshall and Manhattan Combined In-depth analysisSignal-Less Markets: When Stable Indices Hide Rising Dispersion Risk Why markets can look stable while risk is rising underneath.
StudyBig Tech AI Capex 2025–2026: $1.1 Trillion in 24 Months vs Apollo, Marshall and Manhattan Combined In-depth analysisSignal-Less Markets: When Stable Indices Hide Rising Dispersion Risk Why markets can look stable while risk is rising underneath. All analyses, by angle
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Other angles4
- CoreEquity Performance Dispersion: Why Markets Turn Selective Late in the Cycle Behind stable indices, equity performance dispersion is accelerating. Jun 8, 2026
- CoreWhy Index Performance Depends Less and Less on Companies Index performance reflects companies' reality less and less. Jun 8, 2026
- CoreWhy Index Stability Can Mask Growing Risk Equity index stability can mask a fragilizing internal structure. Jun 4, 2026
- CoreEarnings Revisions and the Equity Cycle: What Consensus Signals, and What It Manufactures S&P 500 earnings consensus almost always drifts lower during the quarter, then companies beat it: a revision only means something against that slope. Mar 10, 2026
Quick reads
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This topic also exists in French.Rotation sectorielle et factorielle, 8 pieces →