The ratio of the Nasdaq 100 to the Russell 2000 is now retesting the peak of the tech bubble levels. This situation, similar to today, where smaller companies perform poorly compared to large-cap companies, was a critical precursor of the tech bust.It's not all about growth; it's about the price one pays for that expected improvement in fundamentals. Tech mega-cap companies are currently trading at nearly 30 times their projected earnings for 2024. Regardless of what anyone may claim about the recent AI advancements, this is probably one of the most speculative markets in history.
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