Is this time really different?

The biggest difference between this round of "AI frenzy" and the "Internet frenzy" of 2000 is: this time, American tech stocks have performance. As shown in the figure: the performance of the S&P 500 technology sector (the gray line represents dynamic EPS) rises in sync with the stock price (the red line), which is different from 1999-2001. Société Générale believes that the conditions for ending the tech stock bull market are the following three: - The Federal Reserve starts raising interest rates, and raises rates more than three times; - Credit spreads begin to widen; - The U.S. ISM Manufacturing Index reaches 60 (indicating a broader economic recovery)