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The Magnificent Seven’s dominance of US stocks and its outsize impact on the performance of global equity markets has amplified fears of a new tech bubble. These fears ignore that the grouping is built on sound fundamentals and is driving structural mega trends rather than being a threat to financial stability.
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Like the Nifty 50 in the 1960s and 70s, today's market-leading tech stocks are profitable. But that doesn't mean they're safe, David Rosenberg says.
Nvidia has a P/E ratio of 97, which dwarfs all of its trillion-dollar peers. And fellow chipmakers haven't seen the same type of meteoric gains.
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Investor influx into the 'Magnificent Seven'—a group comprising Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla—is not without risk.