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The S&P 500’s tech sector is up 11% this year, leading the way as it has for much of the decadelong bull run.
The enthusiasm has even extended to initial public offerings like Uber Technologies Inc. and Pinterest Inc. that made a big splash last year.
Though they initially floundered, the stocks have raced past the broader market, rising 33% and 25%, respectively, in 2020.
“The market is going to continue to reward these companies,” said Daniel Morgan, senior portfolio manager at Synovus Trust Co. “There’s still a large appetite for growth.”
Mr. Morgan said he recently bought more shares of Amazon ahead of the company’s latest earnings report.
The e-commerce giant’s stock is up 15.5% this year, also to near record levels.
Investors say the recent tech run is different from the dot-com bubble and rooted in corporate fundamentals.
However, some point to rallies in stocks like Tesla Inc. and Shopify Inc. as a sign of over-exuberance in the market.
Tesla’s rally has added $69 billion to its market value this year, while Shopify has gained $16 billion.
Neither has ever posted an annual profit.
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