A small band of names have sent the New York market higher this year. The “magnificent seven” of technology stocks that include Nvidia, Apple and Microsoft have recorded heady share price rises of anywhere between 40 per cent and 220 per cent.
It has been driven by bets that any company with the ability to harness artificial intelligence could kick its earnings into the stratosphere, as well as drastic cost-cutting measures and the anticipation that the Federal Reserve could be nearing the peak of its interest rate rises. But bullish investors betting that the technology revival can maintain steam were forced into a rethink last week. Stronger American economic data stoked expectations that interest rates may push higher and stay higher for longer. The “magnificent
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