Do you think small and mid caps will continue underperforming large caps from the changing landscape ?

I’ve read about how less companies are IPOing and the ones that do can already be valuations in the large cap space , and then there’s private equity that companies use instead of going public . Just looking at the profitability of many small cap index funds compared to large cap, and I mean even large value that’s not heavy mag7, there’s a stark contrast . Do you think our economy and structure of the stock market has changed the outcome of expected premium returns on riskier smaller stock? Especially with more retail investors than ever pouring billions into large cap indexes in their 401ks and IRAs .