The Discount Sits Where the Proof Landed

The read into the month-end close — companion to today's Morning 10, and the question this week's four cloud prints leave on the desk.

Nineteen months of sideways

Strip the noise and look at the group. The Magnificent-Seven complex — measured by the MAGS ETF — is up 12.9% over the past year. Over the same window the Nasdaq 100 gained 21.6%, the S&P 500 18.2%, S&P InfoTech 35.2%, and the semiconductor fund 109.8%. The one major benchmark the Mags beat is software, down 16.7%. And the lev…