Tiny US companies have been outrunning the broader US market for over a year, a good sign for investors willing to look past the big tech names — but the ride is bumpy.

• Micro-caps (companies worth under $300 million) have led the market since the April 2025 low, with gains spread across every sector.
• Many small firms are core suppliers to the AI buildout — chips, components, power equipment and data center construction.
• Compared with big companies, micro-caps are still valued near their cheapest levels in 25 years, though they swing hard and need hands-on stock picking.
• Nvidia put $3.5 billion into MediaTek convertible bonds to deepen AI and car-chip ties, a sign chipmakers are teaming up rather than just racing on speed.
• Gold is the other magnet: central banks bought heavily again last quarter, and Taiwan is launching its first US gold-miner ETF in October.

Outlook: Whether power, construction labor and financing can keep pace with AI spending is the thing to watch over the next year or two, while money rotates toward cheaper healthcare, consumer and Japanese stocks.