BlockBeats News, July 13th. Michael Wilson, the famous short seller in the US stock market and Chief Equity Strategist at Morgan Stanley, and his team pointed out in their latest research report that a profound transformation is taking place in the US stock market: the baton of earnings growth is being passed from tech giants to a broader set of index stocks.

In the S&P 1500 Composite Index, the median stock's earnings per share (EPS) growth rate has exceeded 10%. Wilson believes that this "rising tide" pattern is mainly driven by the earnings resilience of mid-cap companies. Of particular note, equal-weighted indices such as the S&P 500 have begun to outperform market-cap-weighted indices for the first time since 2022. This means that while tech giants are surging ahead, those traditional industries closely tied to macroeconomic growth are showing stronger defensive capabilities and growth potential.