Tech earnings surge as concentration risk nears 2000 levels
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Tech earnings have surged, with Q1 earnings growing over 50% year-over-year, while the forward P/E ratio has decreased to 23.6 from over 30 last year. However, top tech companies now represent over 40% of U.S. investable assets, a concentration level reminiscent of the 2000 bubble. The performance of the Magnificent Seven, which fell 40% in 2022 compared to the S&P's 18%, highlights the importance of diversification in investment portfolios.
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