Small Tech & Big Leadership 🌤️ The Morning Print

Good morning! 

Small-Cap Technology (PSCT) quietly closed at new all-time highs yesterday.

Let's take a look.

Small-caps have been one of the market's strongest themes in 2026.

Both small- and micro-cap stocks are outperforming the S&P 500 this year, a sign that investors are increasingly embracing risk.

Yesterday, Small-Cap Technology broke out to new all-time highs even as large-cap technology remains roughly 6% below its highs.

The leadership is no longer confined to the major indexes, and it's also becoming evident at the sector level.

This is a structural shift, with investors favoring smaller companies over their large-cap counterparts.

With this fresh breakout to new highs, the path of least resistance continues to point higher for small-cap technology.