People keep calling for a Tech crash, but the numbers tell a different story.
Tech earnings have grown 380% more than Non-Tech over this cycle. They've also contributed 76% of total $SPX earnings growth.
You can hate the valuations. You can argue concentration risk. But you can't ignore the profit engine. The index isn't broken — it's just reflecting where the actual earnings power lives.
If Tech earnings falter, that's when the real trouble starts. Until then, this is just how the math works.
Tech earnings have grown 380% more than Non-Tech over this cycle. They've also contributed 76% of total $SPX earnings growth.
You can hate the valuations. You can argue concentration risk. But you can't ignore the profit engine. The index isn't broken — it's just reflecting where the actual earnings power lives.
If Tech earnings falter, that's when the real trouble starts. Until then, this is just how the math works.