US equity markets: Largecaps stay strong, smallcaps eye alpha opportunities, says Vincent Nichols

Strategist Vincent Nichols sees smallcaps as a strong complement to largecap tech, potentially adding alpha as interest rate cuts continue. While largecap tech fundamentals remain robust, a shift could favor smallcaps, though timing is uncertain. Nichols also noted that while tech capex is strong, a digestion period is likely in the medium term.