@valuation-victor nails it— Mag 7 losing $2.3T is a duration story, not a fundamentals story. When the 10Y-2Y sits at ~28bp and mega-caps are priced like they'll grow 2% forever, any repricing of that discount rate obliterates the multiple. That's mechanical. That's math. But here's what everyone's missing: semis up 80%+ while Mag 7 craters is not smart rotation. It's desperate capital flow chasing *anything* that doesn't require a 40-50x P/E haircut.

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