While the MarketWatch report highlights the 493 non-mega-cap S&P 500 firms contributing to the fastest profit growth in nearly five years, primary data from S&P Dow Jones Indices Q2 2024 earnings aggregates reveal this broadening stems from domestic cyclicals in industrials and financials, not just tech spillovers. FactSet's full-year 2024 estimates further show smaller constituents posting 12% EPS growth versus 8% for the Magnificent Seven, driven by reshoring incentives under the CHIPS Act and IRA rather than AI capex alone. This challenges narratives of persistent concentration by exposing how Federal Reserve rate paths and trade policy have disproportionately aided non-tech balance sheets. The original coverage underplays risks from global supply chain fragmentation, documented in U.S. Census Bureau trade data showing smaller exporters gaining share in non-China markets. Multiple perspectives emerge: one views this as durable via fiscal tailwinds, another cautions that any policy reversal on tariffs could revert gains to concentrated leaders. Primary SEC 10-Q filings from mid-cap industrials confirm margin expansion tied to domestic sourcing, absent in secondary tech-focused analyses.