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A dizzying tech rally this year, fueled by optimism over artificial intelligence and hopes that the U.S. Federal Reserve is nearly done raising interest rates, has left money managers increasingly cautious about the euphoria surrounding megacaps. Laura Cooper of BlackRock said the company's "highest conviction call" in the United States is the S&P 500 equal-weight. "Cyclically tilted sectors, that have been lagging more recently, have started to tick higher on soft landing hopes," said Cooper, a senior macro investment strategist for iShares EMEA at asset manager BlackRock.