Is the bubble already done bursting?

Peter Oppenheimer highlights how the YTD sell-off in the Magnificent 7 stock complex has brought the group's P/E valuation level down to 27x (as of Mar-26), the lowest valuation level since early 2023. And relative to the broader S&P 500 Index P/E, the Mag-7 now trades at its lowest premium (~40%) since pre-pandemic years (see chart below).