A historic rotation is underway. On July 15th, @TKL_Adam joined Fox Business and called for a rotation back into the Magnificent 7 to lead the S&P 500 to 8,000. The recent market leadership of chip stocks allowed the Magnificent 7 to correct, while still seeing historic earnings growth, without dragging the broader S&P 500 index lower. This was the largest such divergence between the S&P 500 and the Magnificent 7 since 2022. Less than 3 weeks since this clip with @TKL_Adam and @cvpayne, the S&P 500 is now above 7,700, Microsoft and Amazon are up +25% in 5 days, and the S&P 500 is worth a record $70 trillion. Many of these large cap technology names are now trading CHEAPER than the S&P 500 on a Forward P/E basis. Ironically, many stocks in this market are getting cheaper as they go up. Own assets or be left behind.