The S&P 500 has barely budged in two months, but don’t mistake calm for stillness. Beneath the surface, trillions are rotating from beaten-down chipmakers into the Magnificent Seven, even as everyday investors outmaneuver Wall Street’s pros to call the market’s shots. It’s the quietest power struggle in recent memory — and retail traders are winning it.
Market forces: That buying power is steering real money. As chips approach 18% of the S&P 500, Strategas compares today’s semiconductor trading boom to 2020’s retail-fueled rush in the ARK Innovation ETF. However, that surge isn’t staying contained, as chip stocks outside Nvidia have erased nearly $1.7T in value this month while the Magnificent Seven absorbed ~$1.5T. With that much money in motion, Big Tech earnings are shaping up as the tiebreaker.
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