Tech stocks are losing share in the S&P 500: The Technology sector's weight in the S&P 500 has declined -3 percentage points over the last year after peaking at ~35%. At the same time, the combined weight of Energy and Materials has edged higher to ~6%, but remains near the lowest on record. The gap between the two stands at ~26 percentage points, one of the widest in over 30 years of data. During the Dot-Com Bubble, Tech peaked at ~35% before falling to ~15% in just 2 years. This kicked off a long bull market in Energy and Materials, with their combined weight in the S&P 500 surging +13 percentage points to ~20% over 8 years. Meanwhile, global demand for energy, copper, steel, and critical minerals continues to grow while supply chain disruptions and geopolitical risks intensify. Are markets setting up to narrow this gap again?(The Kobeissi Letter)