Are we peak tech? This tech driven S&P rally has drawn parallels to the bubble of 1999 with the Magnificent Seven driving the majority of S&P gains this year.

However, today’s landscape is different. The market is not rewarding just any unproven business models like it did during the tech bubble, this rally is driven by proven business models generating billions of additional free cash flow (FCF) dollars. With substantial capital expenditure and an acceleration in Artificial Intelligence (AI) algorithms, there is enough momentum suggesting a robust foundation for current and (possibly even future) valuations to drive real economic growth.

Read Man’s Views from the Floor