The market looks strong - but only a handful of stocks are doing the lifting.

As 2026 begins, investors are grappling with a big question: can mega-cap dominance last, or is leadership finally starting to broaden?

With just 10% of the S&P 500 driving gains, valuation gaps are widening even as market breadth quietly improves.

We explore whether easing rates, broader earnings, and capital rotation are setting the stage for SMID-cap companies to step into the spotlight.

The conversation digs into AI’s shift from infrastructure to application, separating real earnings leverage from hype.

We also assess how new US tax incentives are shaping corporate behaviour - and whether small- and mid-cap fundamentals are truly recovering.

Joining the discussion is Ann Miletti, Head of Equity Investments and Chief Diversity Officer at Allspring Global Investments, hosted by Michelle Martin.