What “Detached From Fundamentals” Really Means Right now, the stock market is partying like it’s 1999. Mega-cap tech companies tied to AI are carrying the indexes higher, while the rest of the market lags. On the surface, everything looks shiny—new highs in the S&P 500, investor optimism, and endless chatter about “soft landings.” But look under the hood and the economy is running on fumes: Corporate profits are slipping. Margins are getting squeezed by higher costs, tariffs, and slower demand. Business investment is sluggish. Companies aren’t spending to grow like they used to. GDP growth looks better on paper than in reality. Temporary consumer strength and weak imports made Q2 look good, but it’s not sustainable. The market isn’t reflecting…
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