If we look at the relative performance of the $RSP (Equal weighted S&P500) vs the actualy $SPX it becomes quite clear that we...


a) never truly broke the weekly downtrend
b) every "broadening out" attempt was just a fake-out before liquidity rushed back to the hyperscalers (until last week, we've seen another attempt)
I wonder how this chart looks in a year or two from now.

On one side, hyperscalers will continue to hyperscale, have $500b+ capex gains concentrated on the top.
On the other side, a lot of the "493" other firms finally could see AI margin expansion too. Making current $RSP valuations cheap.
Are we witnessing a structural shift or will it once again bounce back in favor of the $RSP?
SPX3,72%
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