The S&P 500 is ~3% from its record high. Yet ~60% of its members are 20%+ belo… · @tonyhua64243679 · TwKit

@tonyhua64243679

The S&P 500 is ~3% from its record high. Yet ~60% of its members are 20%+ below their highs. Goldman's Bobby Molavi calls it a "stealth bear market." An index is a weighted average, not a verdict on the economy. Right now it mostly reflects a handful of companies spending heavily on AI. AI capex shows up as GDP growth and as supplier revenue. For the companies writing the checks, it's a cost to shareholders until it earns its return.

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