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Phil Rosen observes that the average S&P 500 stock is outperforming the average stock among the so-called Magnificent 7 group this year.
He notes that this development challenges the view of a top-heavy market and a narrow rally, adding that the largest technology companies in the world have actually weighed on equal-weighted S&P 500 returns.
Rosen previously compared current AI stock valuations to the dot-com bubble, noting that price-to-earnings ratios for AI names remain far below 2000 levels. He recently reported that the S&P 500 recorded 18 all-time highs in 2026 as AI-driven gains accelerated and potential Fed rate cuts approached. His coverage has focused on both market leadership and the impact of technology stocks on index performance.