The stock market has been treading water so far this year, with the S&P 500 up roughly 1% while the Nasdaq has slipped 1.5%. Tech stocks have struggled to regain last year’s momentum as investors reassess the durability of AI-driven spending, the margin impact of massive capital expenditures, and whether growth rates can justify the premium multiples many companies still command. That skepticism toward richly valued mega-cap tech has pushed investors to look elsewhere for returns, and biotech ha