Here’s why megacap tech stocks are poised to keep leading this market higher

The Citi U.S. Economic Surprise Index is heading straight south, dampening hopes for a broadening of S&P 500 performance leadership. The current trend suggests that even if we’re not in a technology bubble now, we might soon be.

A broadening of market leadership beyond the AI-related technology behemoths like Nvidia Corp., Alphabet and Microsoft Corp. will be, to some degree, Significant profit streams become available through smaller, more attractively valued stocks as the economy strengthens. Eventually, investor assets should gravitate away from existing, expensive market leading companies to own stocks representing decent earnings growth trading at more attractive valuations.

Mr. Harvey does not see a rotation away from the technology megacaps until U.S. economic growth bottoms out and the Federal Reserve starts cutting interest rates. The winners will keep winning in his estimation, increasing the odds of another 1990s-like tech bubble.

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