Value is the name of the stock market's current game, according to Thomas Hayes, pointing to the expansion of market breadth and a greater investor focus on positive free cash flow companies as a sign of the rotation. While he argues hyperscalers will show a return to free cash flow, it won't happen until 2028. As Thomas expects this shift to continue, he believes small cap stocks will rally and Treasury yields will continue to fall. His top stock picks include Etsy (ETSY) and Crown Castle (CCI).