Recent trends indicate that while AI and Nvidia continue to perform well in an uncertain economy, doubts are emerging as the tech rally shows signs of losing steam. The dominance of the so-called Magnificent Seven stocks is in decline, leading to concerns about whether active large-cap funds can keep pace. This shift reflects a strategic change in U.S. equity allocation, amplifying discussions about overvaluation and the potential beginning of a tech stock selloff. As investors pivot towards more defensive plays, the tech-driven rally is increasingly seen as fragile, reminiscent of the 1990s but with significant differences.