U.S. stocks have recorded their weakest start relative to global markets in 32 years, underperforming by approximately 15 percentage points year-to-date. The MSCI World Ex-USA index has risen 8.8%, while the S&P 500 has declined 6.1%. The so-called Magnificent Seven technology stocks, including Meta Platforms, Microsoft, Amazon, Alphabet, Apple, Nvidia, and Tesla, have all underperformed the S&P 500, with Tesla down 31.3%, Nvidia down 20.6%, and Apple down 16.9%. In contrast, Netflix has emerged as a standout performer, reaching new all-time highs and gaining nearly 25% year-to-date. Analysts note Netflix's strong performance despite sector-wide challenges, with the company aiming to increase its market capitalization to $1 trillion by 2030 through revenue growth and operating income expansion. The broader U.S. stock market's valuation relative to global stocks has decreased from a record 3.4 times to 2.9 times in US dollar terms, though it remains elevated compared to historical bubbles. Capital flows appear to be shifting toward European markets amid this underperformance of U.S. equities.