The valuations of American technology firms have risen to their highest level since the dot-com bubble in the late 1990s, driven by investor interest in artificial intelligence (AI) technologies, warned wealth management firm Bernstein.
The stock prices of tech companies rose by 38 percent in the first half of 2023, which is the best performance during the January–June period in more than two decades, analysts at Bernstein said in a recent client note. “Tech is now trading at a 54 percent premium to the market, its highest level in 45 years other than the dot-com bubble, and well above its historical average premium of 26 percent.”…