Tekedia Capital says US tech stocks post strongest 2-month rally since dot-com bubble

  • Tekedia Capital flagged the strongest two-month rally in US tech stocks since the dot-com bubble, driven by a sharp rebound in risk appetite.
  • Megacap growth shares led gains as valuation multiples expanded on rising earnings expectations tied to AI infrastructure, cloud spending, semiconductors.
  • Lower real-yield expectations supported long-duration tech valuations, while passive index inflows amplified moves in market-cap-weighted benchmarks.
  • Rally concentration in a handful of giants raised fragility risks if earnings momentum slows or macro conditions tighten.
  • Outlook hinges on sustained earnings growth, continued AI capex, interest-rate trajectory; overheating risk remains if expectations outpace cash flows.


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