For much of the past decade, the U.S. stock market has dramatically outperformed its global counterparts. A major reason is the emergence and dominance of the U.S. technology sector and the rapid expansion of “mega-cap” companies such as Alphabet (Google), Apple, Meta, Microsoft, Amazon, Tesla, and Nvidia. However, there are signs that international equities may be making a comeback.

Thus far this year, international stocks are enjoying higher returns than those of U.S. firms by some measures. This phenomenon has not been limited to a single region, as numerous markets have shown impressive gains. Historically, the performance leader has swung from the U.S. to the rest of the world and back multiple times, and several key factors are contributing to this current shift.

One reason is the

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