The narrative that the Indian market is underperforming due to a lack of an AI story is being challenged as global investment trends shift. Historically, the 'Magnificent Seven' tech stocks—Microsoft, Apple, Amazon, Meta, Alphabet (Google), Tesla, and Nvidia—have driven market gains. However, from 2021 to 2025, these stocks accounted for over 50% of the S&P 500's rise, but this trend is changing. In 2026, old economy sectors are gaining momentum, with the Russell 2000 small-cap index returning 13.1% in the first four months, compared to 5.5% for the S&P 500. Notably, energy and materials sectors are leading the charge, with energy stocks in the S&P 500 returning 38% and 42% in the Russell 2000. The shift indicates a rotation from large-cap to small-cap stocks, with a broader market participation. Although the IT sector has seen gains, driven by semiconductors and hardware, major AI players like Meta and Microsoft are struggling, raising questions about the sustainability of AI investments. The current market dynamics suggest that while AI spending is significant, it may not guarantee economic returns for those heavily investing in AI infrastructure.