US Stocks Have Lagged Global Market This Year!

Several media sources are reporting on how—to quote the Financial Times headline (chart below)—"US stocks were eclipsed by the rest of the world in 2025."
This international over US outperformance was years in the making as it came after massive cumulative gains in the American market. Its three main drivers were valuations, technicals, and what may well prove to be one-off factors.
The core driver of economic/corporate fundamentals favors the US.