Flows are rotating into EXLS while AI Infrastructure & Cloud weakens

🇺🇸 The market is seeing a notable shift toward broad inflows, but caution is warranted as the strongest move remains concentrated. Today’s flow snapshot shows inflows outnumbering outflows at 178 versus 193, yet the top inflow is a hefty $65M into $EXLS (ExlService Holdings, Inc.), which is also leading the outflows with $20M exiting NBIS. The dominant theme remains AI Infrastructure & Cloud, with NBIS leading a $20M exit, underscoring persistent profit-taking in that area despite the broader inflow trend. What matters next is whether this inflow momentum can extend beyond the top names. The key test will be if the inflows into EXLS and other top names like MKSI and IAG can sustain and broaden, signaling genuine market interest. For now, the flow remains concentrated in a few leaders, suggesting the market's underlying strength is still fragile and heavily dependent on a handful of stocks rather than a broad-based rally.