Everyone's panicking that the S&P is just 7 stocks. But (https://www.cnbc.com/2026/06/08/tom-lees-clients-are-worried-spacex-ipo-will-mark-a-market-top-hes-not.html) historically don't cap bull markets—they're *escape valves*. SpaceX, chip IPOs, and the new VC buyout playbook mean capital is reallocating, not evaporating.

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