Software, cloud and small- and mid-cap growth stocks that were overshadowed by artificial intelligence megacaps in the first half of this year could rebound over the next six months, an outlook showed.

CNBC reported on July 11 that Mike Akins (마이크 에이킨스), co-founder of ETF Action, proposed increasing allocations in areas that underperformed major AI names as a second-half investment idea.

Akins singled out software and cloud-computing stocks. He saw valuation pressure that had been excessive easing significantly, while the growth scenario remains strong. "They show that we still need software for our daily work," he said.

He also cited disruptive-technology themes as a promising area for the second half. Akins said the strategy extends down into mid- and small-cap segments, one step below a megacap- and semiconductor-led market. He said these stocks had been "lagging in a megacap, semiconductor-led market" and, considering analysts' earnings growth estimates, called it a "fairly favorable environment."

Among large technology stocks, he also mentioned the potential for a catch-up move in the Magnificent Seven. The Magnificent Seven consists of Nvidia, Microsoft, Alphabet, Amazon, Meta, Apple and Tesla. "Who would have thought that, halfway through the year, the Magnificent Seven would be flat versus the start of the year?" Akins said, adding that the segment could become a healthy catch-up trade in the second half.

First-half performance diverged somewhat from the broader strength in big technology stocks. The Magnificent Seven index fell more than 2 percent in the first half, while the Nasdaq 100 rose nearly 20 percent. Early second-half moves are shifting. As of Friday's close, the Magnificent Seven index is up 5 percent in the second half, while the Nasdaq 100 is down 1 percent over the same period.

Views on small- and mid-cap stocks are also positive. Akins said small- and mid-caps could become an advantageous segment as 2027 approaches. He noted that small caps have already posted strong performance so far this year. "Stocks that were at the bottom of the market are actually starting to catch up," he said, adding that the trend could continue throughout the year. He added that beyond profit and revenue growth, there could also be an "expansion in valuations" that had been extremely suppressed in recent years.

Index moves also align with that argument. The small-cap Russell 2000 index is up nearly 20 percent so far this year. Over the same period, the S&P 500 is up about 11 percent.

A key point to watch in the second half is how much money flows that had been concentrated in megacaps and semiconductors shift toward neglected areas. Whether software, cloud, disruptive technology, small- and mid-caps and the Magnificent Seven, which lagged in the first half, can regain relative performance on earnings expectations is expected to be a key variable.