Listed tech firms make up more than a quarter of the US stockmarket's value
wobble of 2018 has turned out to be short-lived. In the final three months of last year, American technology shares dropped by 16%. Since then, however, the biggest firms, including Apple and Facebook, have come roaring back, with their stock prices today sitting near record highs. Meanwhile a parade of smaller digital companies have rushed to float their shares, including Uber and Slack. Airbnb could be next.
The lofty prices for the big five rest on strong fundamentals. In 2010, they made 4% of the pre-tax profits of non-financial firms in America; that figure is now 12%. Their valuations imply that investors expect earnings to grow fast. They have good reason to be bullish, because today’s giants are protected by high barriers to entry.
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