S&P 500 strength meets Mag 7 valuation reset

$SPX is sitting near all-time highs even as the Magnificent 7 is reportedly trading at its cheapest valuation in more than a decade.
That creates a strange setup because the Mag 7 still represents roughly one-third of the entire index.
The market is effectively saying mega-cap tech remains dominant, but investors are no longer paying the same premium they did during the peak hype cycle.
For $QQQ and $SPY, the bigger question is whether this is a healthy valuation reset or a sign that index strength is becoming more fragile under the surface.