Magnificent 7 valuation gap hits decade low

The Magnificent 7 are now trading at their cheapest valuation relative to the S&P 500 in more than a decade.
That is a major shift in the mega-cap tech setup.
For years, investors paid a large premium for $AAPL, $MSFT, $NVDA, $AMZN, $GOOGL, $META, and $TSLA because they had stronger margins, stronger growth, and stronger balance sheets than the broader market.
Now that premium has compressed.
The debate is whether this means mega-cap tech is finally cheap again, or whether the rest of the market is simply being priced too aggressively.
For $MAGS and $QQQ, valuation support is becoming part of the bull case again.