One week after the shorted Flow Show note of 2024, BofA's Michael Hartnett is back for his latest weekly installment with slightly more meaty content, which goes straight for what has been the most notable feature of the market in 2024, namely that virtually all of the S&P upside has been due to 7, or rather just 1 stock...
... to wit: S&P 500 up 12% YTD, but ex-NVDA it is up 7.9%, and ex-"Magnificent 7" up 4.9%, ex-"AI Big Ten"* up 3.6%... and the Russell is back to red forthe year... which to Hartnett shows that we have a narrow monopolistic tech “revenue” bull market, one in which the AI Big Ten market cap is up from $5tn to $13tn since Q1 23 while their revenues has grown only from $1.3tn to $1.5tn.
