Core Viewpoint - The recommendation has shifted to underweight mega-cap tech stocks compared to the rest of the S&P 500 due to increasing competition and high market capitalization of these stocks [1][4]. Group 1: Market Dynamics - The "Magnificent Seven" tech stocks now account for 45% of the S&P 500 market cap, while their earnings share has not increased proportionately [3]. - The U.S. market represents 65% of the global stock market cap, making it challenging to recommend an overweight position in the U.S. [4]. - There is a growing competitive landscape among the Magnificent Seven, with new entrants and innovations challenging their dominance [6][7]. Group 2: Competitive Landscape - Recent advancements, such as Google's Gemini 3 and DeepSeek's new model, have intensified competition in the AI sector, prompting a reevaluation of the positions held by established players like OpenAI [6][7]. - High profit margins in the tech sector are attracting more competition, indicating a shift in market dynamics [8]. Group 3: Investment Strategy - A broader investment strategy that includes the "impressive 493" companies outside the Magnificent Seven is suggested, as these companies are leveraging technology to enhance productivity and profit margins [9].