US tech wasn’t a significant beneficiary of the Trump bump, and after recent AI wobbles, it’s hard to envisage the index marching significantly higher in 2025. However, on a stock-by-stock basis, it will likely be a very different story; a slate of Magnificent Seven companies will set the tone when they report in the coming days, with Meta Platforms, Microsoft, Tesla and Apple due later this week. The NASDAQ has doubled from its 2022 low, and with valuations on the rich side, volatility, and hence opportunities, are likely when companies fail to meet lofty expectations, with Nvidia an exaggerated version of this on Monday night.
- We believe investors need to look beyond the FANG stocks to add alpha to portfolios over the coming year.
MM is neutral toward the US NASDAQ
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