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We know tech has blown off chasing AI. The Market Ear.
Bernstein says to take some profits in Tech
Bernstein come to the conclusion that if you were overweight, you should take some profits and move to neutral, not underweight. The sector is now at its highest relative valuation to the market, a 54% premium, for the past 45 years, ex dot com. Earnings have been upgraded, but that looks priced in. Particularly for some of the mega-caps like Apple, Microsoft, NVDA & ORCL.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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