Apollo Global Management: Weakening competitive advantage in free cash flow and profit growth. "The Seven Giants of the US Stock Market" have lost some fundamental support.

According to the Zhitong Finance and Economics APP, Apollo Global Management has stated that as investors begin to shift towards high-quality assets and free cash flow, the investment logic of the "seven giants of US stocks" is starting to lose some fundamental support. Apollo's chief economist, Tosten Slok, stated that the market is beginning to gradually move away from the trend dominated by mega-cap tech stocks in recent years. The current most critical pressure point is free cash flow. Data shows that the expected free cash flow (FCF) of mega-scale cloud computing companies over the next 12 months has significantly declined from its peak in 2024 and will further decrease in 2026.