When you look at the biggest winners, many of them were the former victims of AI displacement, the AI displacement trade we call it. The best performers, for instance, were Cognizant Tech and Accenture, two tech consulting firms that were up nearly 43% and 33%, respectively. When Accenture reported a not-so-hot quarter in June, its stock got clobbered and took Cognizant down with it. Cognizant Tech (NASDAQ:CTSH) outperformed Accenture plc (NYSE:ACN) during the recent S&P 500 rally, posting a gain of nearly 43% compared to Accenture plc's (NYSE:ACN) 33% advance. At the same time, Cognizant Tech (NASDAQ:CTSH) trades at around a 12x forward multiple compared to Accenture plc's (NYSE:ACN) 11.2x forward price-to-earnings ratio.