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If This Is a Tech Bubble in Stocks, It's the Expansionary Phase

  • Nasdaq 100’s market cap vs S&P 500 approaching dot-com highs
  • But unlike 2000, stock prices are more in line with profits
Times Square As U.S. Stocks Sink Further on Health, Tech Retreat
Photographer: Michael Nagle/Bloomberg

Say what you want about the technology earnings season. The beat rate was down, Intel and Alphabet took lumps, and chipmakers failed to quiet critics. What you can’t say is that the industry’s stocks are suffering, up 33 percent in four months with another huge day just recorded.

Now the Nasdaq 100 has risen an unprecedented 18 times in 19 weeks.