I think it's naive to say that the current Bull market is a Mega Cap-only Bull market and limited to 7 stocks (probably really only 5 up until yesterday when Tesla went gangbusters again).
The truth is Stock markets across the world are hitting new highs. None of them are home to the Mag 7.
The MSCI World Index has 1400 stocks listed. Of these around 70% of them have risen every month since November. That's about 1000 listed companies in just one index that are having a bull-like run - Not just 7 magnificent companies.
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