Tech Titans are up over 9% since September 6, and we have noticed increasing volume demand for the sector. Also, the group's relative P/E has returned to its December 2022 level. The percentage of Tech companies with greater than 15% Y/Y sales growth (15.9%) looks like it might be rolling over, but that percentage is still higher than the S&P 500 (7.6%). A watchout would be if the relative gap narrows. While currently overweight Big Tech via the AIQ ETF, we could downgrade if Tech relative earnings growth slows meaningfully. We will be watching Q3 Tech earnings closely for downward earnings revisions to turn bearish.
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