Dear reader,
At the end of last year, it was all the rage for market watchers to talk down tech stocks. The biggest companies were “too risky” and “losing importance”, etc, etc. Supposedly, the Magnificent Seven stocks responsible for two-thirds of the S&P 500’s gains in 2023 were about to be eclipsed as the artificial intelligence hype cycle slowed. FactSet noted that mentions of AI in earnings calls were falling.
But look where we are now. This week, the S&P 500 touched a new high — pushed up once again by tech companies.
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