Tech Stocks are trading at all-time highs relative to the SP500, even surpassing the peak of the Dot Com bubble...
Source: BofA, Bar chart
Apollo just doubled down on their view that we are in a bigger bubble than the 2000 Dot-com bubble.
3 weeks ago, they said the current bubble is "bigger than the 1990s tech bubble." They note that the Forward P/E ratio for the top 10 tech stocks right now is ~40x. Compared to 2000, at the peak of the Dot-com bubble, the Forward P/E on the top 10 tech stocks was ~26x. Now, Apollo says that ~30% of stocks have a P/E ratio of 30x or more. Overall, Apollo says that P/E ratios now are much higher than they were in 2000. What's next for AI hype? Source: The Kobeissi Letter
Sector weightings are a big reason why international markets have underperformed the US over the last 10-15 years.
US=Tech=Outperformance Source : bespoke
Panic buying? Tech funds are on track for record $99bn inflow in 2024
Source: TME, BofA
Thanks God for tech! Big tech is the only space seeing upward revisions
Source: TME, Barclays
BREAKING >>> THE NANCY PELOSI EFFECT ! Palo Alto Networks stock, $PANW, is now up 10% today after Nancy Pelosi bought call options on the stock.
The call options are reportedly worth up to $1.25 million. This comes just days after $PANW fell over 30% following their earnings results. Markets are effectively treating Pelosi's trades like an activist hedge fund took a stake in the company. Her track record on buying many large cap tech stocks at their lows, including $NVDA, is largely why... Is Nancy ‘Gordon Gecko’ Pelosi the new Cathie Wood ??? Source: The Kobeissi Letter
Tech has fully decoupled from yields.
Nasdaq has been unphased in front of higher rates (see chart) Source: TME
Big Tech Concentration in one chart
The spread of Nasdaq 100 over Nasdaq Composite is near ATH! Source: Bloomberg, HolgerZ
