Global markets are experiencing a rise driven by a shift towards security-focused growth, according to a recent analysis by Reuters columnist Mike Dolan. Despite escalating geopolitical tensions, capital remains concentrated in sectors deemed to have national security characteristics, such as semiconductors, AI infrastructure, energy, defense, and cybersecurity. This trend marks a departure from traditional globalization, as markets prioritize strategic assets over efficiency. Dolan describes the current environment as a "permacrisis," with markets increasingly viewing computing power, autonomous systems, and cybersecurity as critical resources. The ongoing stock market rally reflects structural shifts, with significant investments in AI and hard technology sectors. However, Dolan warns that concentrated capital in these strategic sectors could lead to valuation corrections, potentially causing market shocks if valuations become detached from fundamentals.