We calculate to what extent the recent rally depends on tech optimism
was launched, and has risen almost 20% from its October low. This prompts a question. Just how much of the rally is explained byTo answer such a question, it is necessary first to rule out the usual culprits for major market moves: namely, shifting interest-rate or growth expectations. After all, owning a share is ultimately a claim on the future earnings of a firm.
Analysts reckon that the500 has 14 firms with significant exposure to the tech. These include both well-known giants, such as Google and Microsoft, and lesser-known providers of underlying infrastructure, like Arista and NetApp, two data-centre companies. On its own, the price of Nvidia is responsible for an enormous slice of the stockmarket recovery. Since the end of November the firm’s market capitalisation has soared from under $400bn to $950bn—accounting for a fifth of the rally.
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