$SPY
@$SPY and $Q$QQQ
@Q are heavily weighted in the Mag 7
Mag 7 (mainly $META, $MSFT, $AMZN, not necessarily $NVDA which is already cheap) is already cheap on a FwD p/e basis.
The first three I mentioned above, once they cut/lower AI CapEx and they focus on profitability, they will skyrocket in share price.
This, I suspect, with concerns in the current macro environment and FED not cutting rates from 3 expected-> 0 this year. Im sure they will put a cap on CapEx.
It all depends on the Iran war and crude prices.
$META recently laid off around 15-20% employees to support AI CapEx