Global Quarterly Tech Capex Growth Tech investment has surged in recent years, but the underlying rhythm hasn’t changed: global tech capex has grown 14.6% annually since 2013, right in line with its decade‑long trend. Image: Goldman Sachs Global Investment Research
U.S. Tech and S&P 500 – 1-Year Total Return Performance to Peak Past market bubbles often ended with explosive last-year rallies, far outpacing normal bull market returns. That kind of blow-off surge just isn’t happening in U.S. tech or the S&P 500 right now. Image: Goldman Sachs Global Investment Research
Earnings of Tech Companies While U.S. tech stocks benefit from a wave of strong performance fueled by both hype and solid earnings fundamentals, non-tech stocks continue to experience prolonged earnings stagnation. Image: Topdown Charts
Tech IPOs vs. Non-Tech IPOs Tech IPO shares have soared an average of 108% above their offering price. By comparison, non-tech IPOs have gained 49%, a solid return but significantly less than the surge seen in tech offerings. Image: Yahoo Finance
Magnificent Seven Stocks vs. Unprofitable Tech The Magnificent 7’s market dominance may be waning, at least in the short-term, as unprofitable tech stocks have recently outperformed these tech giants, indicating a broader market expansion. Image: Goldman Sachs Global Investment Research
Tech Equity Flows The DeepSeek selloff was followed by significant tech inflows, highlighting the resilience of investor confidence in the technology sector, despite short-term market fluctuations. Image: Deutsche Bank Asset Allocation
U.S. Tech Stocks vs. China Tech Stocks As the U.S. market experiences an AI frenzy, China’s major technology stocks struggle, reflecting investor pessimism towards China’s economic revival efforts and concerns about AI monetization and trade restrictions. Image: Bloomberg
Tech Flows Tech funds experienced their largest outflow since June 2024, marking a significant shift for the sector that had previously enjoyed positive momentum. Image: BofA Global Investment Strategy
Tech/Telecom/Healthcare vs. Financials/Energy/Materials as % of Global Equities Should long-term investors consider buying the dip in sectors such as Financials, Energy, or Materials? Image: BofA Global Investment Strategy
U.S. Tech Stocks During the first half of 2024, large U.S. tech companies have significantly outperformed their smaller counterparts, reflecting the ongoing dominance of major players in the tech industry. Image: BofA US Equity & Quant Strategy
U.S. Tech Valuations – Forward PE Ratio U.S. tech sector’s valuations have surpassed post-COVID highs. However, historical precedent suggests that these high valuations may be challenging to sustain going forward. Image: Morgan Stanley Wealth Management