October delivered an interesting shift in US markets. Real estate stocks outperformed the broader market as investors reassessed AI valuations, technology capital expenditure and the outlook for interest rates. The S&P 500 Real Estate Index gained 4.98% for the month, while the Real Estate Select Sector SPDR ETF (XLRE) advanced 5.52%. At the same time, the 10-year US Treasury yield fell by 35 basis points to 4.93%, potentially easing some pressure on property valuations and financing costs. What makes this move interesting is the combination of sector rotation and company-specific earnings. Jones Lang LaSalle surged nearly 20% following an earnings beat, while Extra Space Storage benefited from stronger results and improved full-year guidance. Data centre REITs Equinix and Iron Mountain also advanced despite the technology selloff, highlighting that exposure to AI infrastructure does not necessarily translate into identical performance across sectors.…