Ominous Harbinger Or Sunny Bellwether?

Last month, at the height of the A.I. frenzy, big-cap US tech's outperformance to domestic small-caps reached historic extremes. The A.I.-driven surge, as manifested in the so-called "Magnificent 7," was solely responsible for the S&P's trek towards bull market territory in 2023, although gains have broadened a bit this month. Ironically, the associated sentiment shift appears to have catalyzed a bid for small-caps -- perhaps it's the accidental "retail barbell," as JPMorgan recently descr