The US tech sector is now worth more than the entire European stock market, Bank of America says | BISouthAfrica
Amazon has jumped the most in 2020 so far, while Alphabet's Class A shares have gained the least.US tech stocks surpassed the entirety of the European stock market in market value after surging through the summer on outsized investor interest.
The sector has notched several extraordinary superlatives through the coronavirus pandemic. Tech names fueled the US market's rapid leap out of bearish territory, and now host historically high investor crowding in its biggest names. Most recently, the group drove the to a record high, despite the US remaining deep in an economic slump and economists fearing a double-dip recession.said in a note to clients. That size leads it to, for the first time, dwarf the total value of all European stocks, including those listed in the UK and Switzerland, which stands at $8.9 trillion.
To emphasize the speed at which tech stocks have grown, the bank noted that, in 2007, Europe's market cap was roughly four times the size of the sector.
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