A pullback or slower gains in mega-cap AI/tech stocks would force the index to rely more on the rest of the market for advances. Falling interest rates or a rotation out of growth into value/cyclicals has historically widened participation and lowered the share of negative-beta stocks. This is why $SPY vs $RSP gaps are an opportunity. Lower rates + softer AI capex would mean more diversification as the growth to value rotation picks up.
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