In tech we trust

Thursday, 8 February 2024

The Market Ear on the continuing big tech blowoff.

Nothing gonna stop us now?

NASDAQ is currently breaking above technical resistance. The past few days have been stellar for Tech and especially the Magnificent 7. The giants are delivering earnings growth many times over its pre-pandemic median. Big Tech earnings growth also kept the margin inflection story alive for a second straight quarter. However, is the fact that Big Tech EPS surprise was below long-term trend, as a lot of optimism was already baked into forecasts, something to worry about?

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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.