Technology stocks have rallied so strongly this year that they're entering bubble territory, putting them at risk of a pullback once the hype and speculation in markets fades, JPMorgan's top strategist says.that the recent surge in tech shares is"too exceptional." He argued the breadth of the 2023 rally has been too narrow, with Big Tech companies powering the benchmark indices' gains this year.
Kolanovic, however, said he's not so bullish given the rise in tech stocks has come at a time when the Federal Reserve has hiked interest rates at the fastest pace in history. That disconnect is atypical and a warning sign, he said. "AI is not a new thing," the bank's chief global markets strategist said, adding that there's no certainty how the technology is going to play out.
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