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(Bloomberg) For about a year, investors have bid up megacap tech shares on the theory that their exposure to artificial intelligence will usher in a new era of elevated growth and efficiency. Now the companies need to prove it.Most Read from BloombergMusk Says First Neuralink Patient Received Implant in BrainTraders Line Up for ‘Once-in-a-Generation’ Emerging Markets BetBlackstone Is Building a $25 Billion Empire of Power-Hungry Data CentersTrump Cash Stockpile at Risk From $450 Million Dual ....
The U.S. technology sector is poised for continued strength even after its stellar gains in 2023, helped by strong first-half earnings and broad interest in artificial intelligence and other tech-driven productivity gains, according to equity strategists at Societe Generale. The result is that the tech-heavy Nasdaq 100's market value has grown to half that of the S&P 500 and 30% of a global MSCI equities benchmark, the SocGen strategists said in a note on Thursday. "We are conscious that concentration risk is at its highest level ever for US and global equity indices," the SocGen strategists said in their note. ....
Some were surprised at the new high last week in the S&P 500. It was projected last June by the Tom Aspray s favorite technical indicator. So what is next? ....