They’re not rate sensitive or built on oceans of debt. Their money is mined through sky-high margins, a sign of sustainability. And say what you will about tech companies and the pressure they face each quarter to jack up earnings: they keep pulling it off.
Such is the mindset of bulls heading into another deluge of computer and internet company results, starting today with Amazon and Microsoft. Confidence has soared; so have the stakes. A ninth straight year of gains in the Nasdaq 100 Index has pulled more money into tech ETFs than any other group and the trade was just described as the most crowded in the market by Bank of America for the fifth time in 2017.