Bubble Warnings Flashing For Tech: Risk Highest Since Bursting Of Dot Com Bubble

Bubble warnings are flashing again for tech, media and telecom, aka TMT, the S&P 500's most important and dominant sector.

After the brief spring reprieve following the April Liberation Day which saw an aggressive selloff across all sectors, signs of frothy excess have reemerged: as Bloomberg shows, TMT valuations are the highest they have ever been, and concentration risk - especially excluding mega caps - is now greater than at any point since the dot-com bubble peaked in 2000 (see "Welcome To The Most-Concentrated Stock Market In History").