The Dark Side of the Tech Stock Rally | David Woo

Halfway through 2023, the US stock market is, once again, beating the stock market of the rest of the world, thanks to a 40% rally in US tech stocks. Amazingly, 90% of the 15% rally in S&P 500 this year so far has come from gains in just 7 technology stocks. To what extent America owes its economic hegemony to the global dominance of its big tech? And to what extent America’s big tech owe their global dominance to the willingness and ability of the US government to protect and further their interest? And what happens when big tech and one political party decide to join forces? With this partnership, what chance does the multipolar camp and the Global South have to level the playing fields with the America? Did you know that the spectacular performance of the stock prices of Apple, Microsoft, and Google this year may be due to the greatly diminished chance of big tech antitrust proposals ever becoming law? How important is big tech lobbying influencing policies in Washington? To what extent is the US China tech rivalry is based on free competition by either side? A former top-ranked Wall Street global macro strategist tells it as it is. You may not agree with everything he says but he will make you reassess everything you thought you knew.

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