Are America’s Magnificent Mega-Caps Losing Their Luster?
Are they tired of tech?
I suppose it depends on who "they" are and also what you mean by "tech."
Recall that "long Magnificent 7" retained the top spot on the "most crowded trade" list in BofA's Global Fund Manager survey last month, albeit by a slimmer margin than previously.
As the figure above reminds you, "long big-tech" has had a very long run atop the "crowded" list.
There's a reason those stocks are popular. Several reasons, actually. Their products and services were synonymous with
YTD scorecard for the seven: NVDA META have outperformed S&P500 by a lot, AMZN has outperformed a little, GOOG AAPL have underperformed a little, MSFT TSLA have underperformed a lot. As they represent 30-ish pct of the index, extrapolate to their perf vs S&P493.
Speaking of losing luster, reports that TSLA’s “Optimus” robots were being remotely controlled by Tesla employees. On top of a nothing-burger “Robo-Taxi” presentation.