Mega tech stocks lure back investors for all seasons

amid all the recession handwringing - not least because these mega caps dominate the major indexes and pop up in almost every investment bucket.

They are clearly not just tech firms anymore - covering everything from retail and groceries to microchips and autos, entertainment and advertising and even banking, if Apple’s latest foray into savings accounts is anything to go by. Clawback has something to do with it. Last year was indeed a shocker for the group - with its 40% swoon double that of the S&P 500 as the spike higher in discount rates from the bond market zapped valuations of future cashflows.

Emphasizing how narrow the breadth of market gains has been so far this year, Morgan Stanley’s Andrew Sheets highlighted that just three of these firms - Apple, Microsoft and Meta - make up more than half the S&P 500′s rise in 2023.

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