Tech Stocks Have Room to Run Before Dot-Com Peak Levels
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Rolling returns for the Nasdaq 100 are around 100% over the past 4 years, in line with the 10-year range, unlike the nearly 700% return at the dot-com bubble peak
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The 3-month rate of change for semiconductor stocks is at 45% currently, far below the extreme 257% level seen during the 1999 dot-com bubble
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Cisco stock price skyrocketed over 4,000% during the 1990s dot-com bubble, while Nvidia would have to triple over the next year to match those "bubble levels"
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The top 10 S&P 500 holdings account for 30% of the index, the highest concentration since the early 1970s, contributing to bubble concerns
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While there are some similarities, key metrics suggest the current stock market has room to run higher before matching the extremes seen in 1999