Biotechs are on the move again which would be a good thing if managers owned enough of them. The industry’s weight, at over 10% (not including the Pharma and Life Sciences industries), is close to an all-time high while its nominal price chart is hitting new all-time highs. On a relative basis, Biotech is still rising off its lows but making higher highs. The industry has been under relative accumulation since June of last year within our industry rotation grid. As a key beneficiary of A.I., Biotech looks like its relative upswing will continue.