Meanwhile in China...
What if China starts doing to US "tech champions" what China did to US Rust Belt "industrial champions", US unions, & the US working class 2001-10? Source: Bloomberg / Luke Gromen
The number of public companies has fallen fast
https://lnkd.in/d3w7QajA Source: Barry Ritholtz, Chartr
Fund flows: there is tech and the beaten rest...
Source: Michel A.Arouet
The correlation between tech stocks and treasuries is now as positive as it was during the peak of the tech bubble in early 2000.
This issue strikes at the heart of conventional 60/40 portfolios, as the risk of overweighting these two asset classes has significantly increased. Source: Tavi Costa, Bloomberg, Crescat Capital
Chinese tech stocks are up 10% this week, set for best week since the reopening rally in late 2022 as things stand.Clone)
Source: David Ingles, Bloomberg
How are the 'Magnificent 7' Tech Stocks doing so far this year?
Nvidia Is Up +53.9% $NVDA Meta Is Up +35.9% $META Amazon Is Up +14.9% $AMZN Alphabet Is Up +10.5% $GOOGL Microsoft Is Up +6.1% $MSFT Apple Is Down -14.3% $AAPL Tesla Is Down -40.8% $TSLA $SPY Source: Bloomberg, Jesse Cohen
A great chart by HolgerZ ->
Big Tech vs Non-Profitable Tech (long-duration stocks) curve tracks perfectly the US 10y yield rise. It shows very nicely the consequences of the rise in yields for the stock market. Source chart: Bloomberg
Goldman is embracing the rotational trade as well:
"Sell your Tech Stocks and invest elsewhere" says Goldman Sachs
