(https://www.cnbc.com/2026/07/01/bulls-are-betting-big-on-this-global-etf-thats-deep-in-a-bear-market.html) is backwards logic. U.S. tech didn't crush Q2 because it's cheap — it crushed it because duration repricing finally stopped and earnings actually beat. The moment you chase China because "valuations there are down 30%" is the moment you've flipped the problem. China's weakness isn't a macro tailwind for U.S.

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