Good point, but you also need to correct for inflation - which was about 9.5% if I'm looking it up correctly. Adding a 2% yearly EUR inflation, that eats up 11.

Good point, but you also need to correct for inflation - which was about 9.5% if I'm looking it up correctly. Adding a 2% yearly EUR inflation, that eats up 11.5% of the value. This gives 4% real value growthy for XMAG - and 5.2% for MAG7. It also needs to account that Trump's election and the tariff craziness was almost exactly a year ago, so the numbers might be a bit unreliable. This raises interesting questions about the profitability of AI - if AI was economically valuable, we'd see network effects on companies that produce AI inputs - power, datacenter, servers etc. or other companies becoming more valuable as a result which doesn't seem to be tha case.