Tech Bubble Isnt Popping Because FANGMAN Stocks Just Hit New Record
Tech stocks are continuing to soar as FANGMAN hits a new record-high.
Throughout July, analysts widely expected the tech market to slump, fearing inflated valuations.
Several stocks, including Apple, buoyed the tech market en route to new all-time highs.
The total market capitalization of FANGMAN–Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX), Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), and Nvidia (NASDAQ:NVDA)–has hit a new all-time high.
Tech is eating the world: Total market cap of FANGMAN just hit fresh ATH in a week when bosses of Big Tech have tried to downplay their size in congressional hearing. Combined market cap of Facebook, Apple, Google, Microsoft, Amazon, Nvidia now at $7.2tn, equal to GDP of Japan and the UK.
Tom Dwyer, a strategist at Canaccord Genuity LLC, previously noted:
While many fear the current environment is like 2000 ‘dot com’ bubble, the macro backdrop suggests otherwise. The very different macro backdrop vs. 1999 suggest any pullbacks should prove temporary.
The stock market has rallied since April due to the Federal Reserve’s ultra-dovish stance on monetary policy, which includes rock-bottom interest rates. The U.S. central bank has no intention to change course anytime soon, which means a sustained market rally is possible.
Disclaimer: This article represents the author’s opinion and should not be considered investment or trading advice from CCN.com. Unless otherwise noted, the author holds no investment position in the above-mentioned securities.