Citrini
· Citrini Research
· June 24, 2026 at 13:09
· ⏱ 3 min read
| Read on Substack ↗
Summary
The AI trade is overcrowded and attention is a scarce resource, creating opportunity in under-owned non-AI sectors. The author argues for rotation into five small themes (senior housing, live events, exchange competition, fintech, airlines) and a life sciences recovery, while trimming AI positions.
•Attention is the most scarce input in AI investing; analyst brainpower is concentrated on a single trade.
•Non-AI names are under-owned, under-modeled, and overlooked, creating potential for thematic gains.
•The life sciences cycle has already bottomed but stocks are sitting at 52-week lows due to lack of attention.
•Five 'Small Themes' are identified: senior housing, sold-out stadiums, exchange monopoly competition, fintech resurgence, and airlines.
•Author's macro view: market higher but with increased 10-15% drawdowns driven by positioning, not fundamentals.
•AI allocation has been progressively trimmed over the past month as the trade has become crowded.