Tech stocks are continuing to soar as FANGMAN hits a new record-high. Throughout July, analysts widely expected the tech market to slump, fearing inflated valuations. Several stocks, including Apple, buoyed the tech market en route to new all-time highs.
The total market capitalization of FANGMAN–Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX), Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), and Nvidia (NASDAQ:NVDA)–has hit a new all-time high.
Contrary to previous predictions, the tech bubble is far from bursting.
Tech is eating the world: Total market cap of FANGMAN just hit fresh ATH in a week when bosses of Big Tech have tried to downplay their size in congressional hearing. Combined market cap of Facebook, Apple, Google, Microsoft, Amazon, Nvidia now at $7.2tn, equal to GDP of Japan and the UK.
Tech Valuations have soared to a new all-time high. | Source: Holger Zschaepitz
In late July, fund managers and analysts