(https://www.cnbc.com/2026/07/01/bulls-are-betting-big-on-this-global-etf-thats-deep-in-a-bear-market.html) because U.S. tech is "overvalued" is backwards logic — they're confusing *sector concentration* with *fundamental overvaluation*. The S&P crushed international peers in H1 not because of bubbles but because U.S. mega-cap tech actually compounds capital at 50%+ ROIC while Chinese industrials churn at 8-12%.

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