La rotación de IA: Corrección de las grandes tecnologías y el aumento de oportunidades cíclicas y de clase media

The third quarter of 2025 has witnessed a dramatic shift in market dynamics, as investors recalibrate their portfolios in response to evolving macroeconomic conditions and sector-specific pressures. At the heart of this reallocation lies the so-called "AI rotation"-a strategic shift away from overvalued Big Tech stocks toward undervalued cyclical sectors and small-cap equities. This movement, driven by concerns over AI-related margin compression in technology giants and a broader reawakening of economic activity, is reshaping market structure and challenging long-held assumptions about growth and valuation.

Big Tech's Correction: AI as a Double-Edged Sword

The Nasdaq-100, long the poster child for AI-driven growth, has shown signs of fatigue in Q3 2025. While the index rose 11.4% for the quarter, its performance was heavily concentrated in a handful of mega-cap names, such as NVIDIA, which have dominated AI infrastructure spending. However, the sustainability of this momentum is now under scrutiny. According to analysts, AI infrastructure investments by large-cap tech firms contributed meaningfully to U.S. GDP growth, yet commercial applications remain elusive. This has sparked fears of margin erosion as companies grapple with the high costs of training and deploying AI systems without commensurate revenue gains.

The correction in Big Tech is not merely a function of internal pressures but also a reflection of shifting investor sentiment. As capital flows increasingly target sectors with clearer paths to profitability, the Nasdaq's dominance has waned. This trend is emblematic of a broader market rotation, where the allure of speculative AI-driven narratives is giving way to more tangible value propositions.

Cyclical Sectors and Small-Caps: The New Frontiers of Growth

While Big Tech faces headwinds, cyclical sectors and small-cap stocks have emerged as beneficiaries of this reallocation. The Russell 2000 Index, a barometer of small-cap performance, surged 12.4% in Q3 2025, outpacing the Nasdaq and reaching multi-year highs. This outperformance was broad-based, with all 11 sectors contributing positively, including industrials, materials, and consumer discretionary-industries poised to capitalize on a resilient economic backdrop.

The Russell 2000's strength is partly attributable to the Federal Reserve's dovish pivot, which has lowered interest rates and disproportionately benefited small-cap stocks. These equities, often more sensitive to rate changes, have seen their valuations rise as borrowing costs decline and demand for risk assets increases. According to Royce Insights, earnings growth expectations for small-caps remain robust, with many companies offering more attractive price-to-earnings ratios compared to their large-cap counterparts.

Cyclical sectors, in particular, have attracted attention for their alignment with a strengthening industrial economy. The Q3 rebound in industrial output, coupled with ongoing AI investment in manufacturing and logistics, has created a virtuous cycle of demand and innovation. According to Nasdaq, this dynamic is evident in the performance of AI-driven insurtechs, which captured 74.8% of all venture capital funding in the quarter, signaling a broader integration of AI into traditional industries.

AI Investment: A Catalyst for Sector Reallocation

The surge in AI investment has further accelerated this reallocation. In Q3 2025, AI accounted for 46.4% of global venture capital funding, amounting to $45.1 billion-a figure driven by massive rounds such as Anthropic's $13 billion financing. According to EQVista, this capital influx, however, has been concentrated in infrastructure and foundational technologies, with over 30% of funding flowing into mega-rounds of $500 million or more. While such investments underscore the transformative potential of AI, they also highlight the sector's reliance on speculative capital, raising questions about long-term sustainability.

Meanwhile, strategic partnerships, such as NVIDIA's $100 billion commitment to supply OpenAI with specialized AI chips, have reinforced the infrastructure narrative. According to Investing News, yet as commercial applications remain nascent, investors are increasingly seeking diversification. This has led to a rebalancing of portfolios, with capital flowing into sectors that offer more immediate cash flow and less exposure to AI-driven margin pressures.

Implications for Investors

The AI rotation underscores a fundamental shift in market structure. Investors are moving away from a narrow focus on Big Tech's speculative growth and toward a more diversified approach that balances innovation with economic resilience. For cyclical sectors and small-cap stocks, this represents a rare opportunity to capitalize on undervaluation and earnings momentum.

However, the path forward is not without risks. The sustainability of AI investment remains uncertain, and a slowdown in commercial adoption could reignite volatility. That said, the current reallocation reflects a pragmatic response to macroeconomic realities and sector-specific dynamics. As the market continues to evolve, investors who prioritize adaptability and sector diversity may find themselves well-positioned to navigate the next phase of the AI-driven economy.