> the AI story will be decided in the S&P 493, not the Mag 7, and so far, there is no evidence that revenue growth or margins are improving outside the tech sector.

Lots of theories seeking to explain this reality, but that's all they are: theories. Maybe some will be proven right. Maybe all will be proven wrong.

As of right now, the economic reality lags far behind the hype. But down the road... I wouldn't place a bet either way.