Tech's Trillion-Dollar Club Drives Markets While Tesla Struggles
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The combined market cap of Microsoft, Apple, Alphabet, Amazon, Nvidia and Tesla equals the GDP of 11 major global cities like New York, Tokyo, London, etc.
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The tech "Magnificent 7" accounted for 45% of the S&P 500's returns in January 2023.
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Tesla struggled in 2023, but Cathie Wood's ARK ETFs kept buying the dip.
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After a bond yields down, tech stocks up pattern in Q4 2022, January saw a flip to yields up, Nasdaq up.
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Bank of America recommends a "barbell" strategy of owning bubble stocks but also distressed assets like Chinese equities or small caps.