Mike Dickson thinks AI is no longer driving the market, arguing nominal GDP growth, fundamentals, and earnings breadth are the main factors pushing stocks higher. To back his point, he examines the equal-weight SPX. Mike notes that a lot of the ‘picks and shovels’ companies in the AI buildout trade are also in cyclical sectors. He likes mid-caps for 2026, saying the sector is often ignored but there are “a lot of interesting companies in that space,” including industrials.