The valuation premium for the Mag7 ex $TSLA relative to the rest of the market just hit 2011 levels.

Summary

• The post argues that the valuation premium of the "Magnificent 7" stocks (excluding Tesla) relative to the rest of the market has fallen to levels last seen in 2011.
• The author's thesis is that fears of an "AI bubble" are overblown, and by this valuation metric, the top tech stocks are not as overvalued as commonly perceived.
• Quality assessment: This is speculation based on a single, un-sourced chart. It lacks detailed analysis, context, or a clear investment thesis beyond a contrarian take on the AI bubble narrative.