Big Tech´s Largest Underperformance Since Mid-2024

Challenging

Goldman TMT specialist Peter Callahan on the challenges in Big Tech now:

"Another extremely dynamic week in markets – especially in Tech, where the NDX is now lower on 4 of 5 weeks and finished down ~2.5% in the month of February - driven by an ~8% drawdown in Big Tech in the month of February (NVDA, MSFT, GOOG, META, AMZN down 6-13%). Navigating the Tech tape remains a very challenging task as the biggest ‘plays’ on AI in public markets continue to lag (MSFT, AMD, NVDA, AVGO, AMZN types) – despite a very clean print from Nvidia"