And as tech-share prices surged, more and more investors wanted in, which pushed prices up even further. As Morgan Stanley Chief US Equity Strategist Mike Wilson put it, "momentum begets momentum." As the global economy gets set to reopen, and consumers get ready to spend their savings and coming stimulus checks — pushing inflation and therefore interest rates higher, which hurts growth stocks — Wilson sees new momentum leaders in the making. "The shift we have been highlighting in the composition of momentum is not over and the factor will continue moving toward cyclicals, lower quality, value, and small caps at the expense of the longer duration growth," Wilson wrote in a March 8 note.