Investors are rotating out of mega-cap tech stocks at a historic pace: The equal-weight S&P 500 ETF, RSP, attracted +$5.9 billion in inflows in February, the largest monthly inflow since inception. This exceeds the previous record of +$5.0 billion set in 2023. Over the same period, the Magnificent 7 ETF, MAGS, saw a record -$388 million in outflows. As a result, RSP is up +5.5% year-to-date, while MAGS is down -7.1%. This marks a 12.6 percentage point performance gap in just over two months. Investors seem to be diversifying out of Big Tech.(The Kobeissi Letter)