U.S. stocks kicked off the year on a high note, dominating global markets with an impressive run. Fast forward to now—that momentum has largely fizzled out. What's striking is that this slowdown occurred despite America's dominant position in the AI revolution. You'd expect tech leadership to translate into sustained market strength, but the numbers tell a different story. The early-year enthusiasm that made U.S. equities the world's darling has given way to consolidation and volatility. It's a reminder that even in the midst of transformative technology cycles, market cycles march to their own beat. Traditional macro headwinds, valuation concerns, and profit-taking have all played their part in deflating what looked like an unstoppable rally.