Small Caps Are About to Have Their Moment | Jeff Weniger

Beneath S&P 500 record highs, deteriorating breadth, French bond stress, and AI-earnings circularity (Big Tech's Anthropic/OpenAI stakes) pose underappreciated risks.

• Breadth is collapsing under the hood: Jeff Weniger notes 54% of Russell 3000 names are in a 20%+ drawdown even as the S&P 500 sits near all-time highs around 6,780, up ~12-13% YTD.
• Utilities flipped 'risk-on': Utilities traded in lockstep with the Mag 7 for most of 2025 on AI/data-center power demand, then diverged sharply after late March as bond yields rose.

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