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Peter Redward's avatar

To me, this is one of your best charts. It highlights the imbalance in the US equity market. Why are these tech companies out performing so much? In part because they're investing in generative AI semiconductors and application software, using their strong cash balances to buy each others offerings. Works well, if end demand is there. Turns into a disaster for them if not….

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Thabo Hermanus's avatar

“which of the lines in the chart below has the biggest scope to surprise?”

Such an awesome question, and probably one you should poll. I’m going to vote the Blue line, which is why I am still a BUYER at these lofty price to earnings multiples.

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