Tech has driven 90% of the S&P 500’s $2.4 trillion surge this year. Big Tech has cut costs and improved efficiency to regain its first-mover advantage, attracting investors.

The tech sector may have reclaimed its first-mover edge by embracing cost-cutting, efficiency, and a lot of other things Silicon Valley tends not to care about. The Financial Times says that 20 stocks account for 90% of the $2.4 trillion S&P 500 rise this year. The S&P concentration shows investors have returned to Big Tech, which is acting like an adult while persistent inflation dampens the retail sector, a lack of dealmaking subdues financial names, and banks being banks.

Everyone Enjoys a Good Comeback

The ethos of “Grow! Grow! Spend! Spend! ” That has permeated Silicon Valley for more than a decade was pure gold for traders who enjoyed deploying low-cost capital to enter markets at sky-high valuations. Tech leaders had a sort of epiphany as the FAANG period came to an end and decided it was time to “Shrink! Shrink! Efficiency! Efficiency!”

Tech is currently seeing a good recovery as a result of being the first industry to discover a new religion in corporate poverty at a time when the banking sector is struggling and the macroeconomic environment is uncertain. Nvidia, Meta, and Salesforce are a some of the top-earning firms on the S&P this year, all of which have recently experienced religious growth.

Despite Facebook, Instagram, and WhatsApp cutting over 20,000 employees and costs, Meta CEO Mark Zuckerberg remains committed to virtual reality research and development. Its stock rose 74% this year. Salesforce CEO Marc Benioff calmed activist investors with a 10% personnel decrease and $31.4 billion in revenue growth.

Nvidia stock has risen 90% this year without reporting any major layoffs. The company has relied on gaming card dominance to make money despite freezing hiring last summer. A Bank of America analyst found that over 80% of Steam’s 25 million active users have Nvidia cards.

Can it last? “Tech gives them plenty of ease.” JP Morgan trader Jack Atherton told the Financial Times.The Fed cracks the windshield.Tech wears an eight-point harness.

Tech sector drives 90% of S&P 500 rise this year
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