How homebuilder stocks, cruises, and Chipotle are outperforming tech

The tech stock boom of 2023 is getting some of its thunder stolen by unlikely rivals – from tourism, real estate and food industries.

Meanwhile, Apple and Microsoft stocks have gained 45% and 38% respectively so far this year despite benefiting from the strongest investment theme of the year – the rise of artificial intelligence. Apple and Microsoft – the two biggest companies in the world by market value – trailing non-tech names in the stock market seems to support the argument of some market experts that the tech-share surge is overhyped and overstretched.warned last month that the AI-focused investor frenzy in the tech sector reminds him of the dot-com bubble of the late 1990s. Bank of America Global Research's CIO Michael Hartnett and TAM Asset Management's CIO James Penny too have expressed similar views.

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