Bernstein says investors should take profits in pricey tech stocks such as Nvidia and these others

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Megacap technology stocks have led most of the 2023 market rally, and it might be time to take some chips off the table, according to Toni Sacconaghi.

Megacap technology stocks have led most of the 2023 market rally, and it might be time to take some chips off the table, according to one of Wall Street's top technology analysts. Bernstein's Toni Sacconaghi is advising clients to look to take profits on this year's leaders opportunistically. Sacconaghi is rated consistently as the No.1 analyst on IT hardware and electronics manufacturing services by Institutional Investor.

The 10 largest tech companies now account for nearly 65% of tech's total capitalization. Investors flocked to tech stocks, especially the ones tied to the artificial intelligence boom, in the first half of the year. Nvidia and Meta each more than doubled in price during the first six months of 2023, while Apple , Microsoft, Alphabet and Amazon rallied at least 35% each. The rally has stabilized and, in some cases diminished, as fears of rising rates resurfaced.

 

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