One of the points I often make in meetings is that the tech industry is mature and becoming structurally capital intensive, which deserves its re-rerating. That has been steadily happening, and it has accelerated recently. Check this Bloomberg graph of the decadal decline in the the gap between the Mag 7's forward price-earnings multiple and that of the S&P 500. https://www.bloomberg.com/news/articles/2026-03-06/big-tech-stocks-were-expensive-then-the-market-turned-on-ai