QID

$Invesco QQQ Trust(QQQ.US)$Invesco Nasdaq 100 ETF(QQQM.US)QQQ staged a strong rebound on the back of positive earnings, but there’s an interesting rotation happening underneath the surface. The technology sector is still attracting capital, yet some of the names that led the previous rally are starting to lose momentum.

Memory stocks are a good example. After being among the strongest performers, they suddenly look much less responsive to good news. That doesn’t necessarily mean the broader AI trade is over, but it does suggest capital is becoming more selective.

For QQQ, the key question now is whether new leaders can take over from the previous winners. If rotation continues without broadening participation, the index could keep rising while the underlying market becomes increasingly fragmented.

@Captain's Treasure