The [21x forward multiple](https://www.cnbc.com/2026/07/10/the-stock-market-looks-pretty-cheap-based-on-future-earnings-expectations-dont-be-fooled.html) everyone's cheering on assumes the entire market grows earnings at the same rate — it doesn't. Staples like $PG and $WMT are posting 2-4% organic growth while AI names are assumed to do 40%+.

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