The tech trade is back, driven by A.I. craze and prospect of a less aggressive Fed

CNBC May 26, 2023
Ari Levy

Key Points

– The Nasdaq closed out its fifth straight weekly gain and is solidly outperforming other U.S. indexes for the year.

– Nvidia drove this week’s rally, surging 25% to a record on better-than-expected earnings.

– “Being concentrated in these mega-cap tech stocks has been where to be in this market,” said Victoria Greene, chief investment officer at G Squared Private Wealth.

Forget about the debt ceiling. Tech investors are in buy mode.

The Nasdaq Composite closed out its fifth-straight weekly gain on Friday, jumping 2.5% in the past five days, and is now up 24% this year, far outpacing the other major U.S. indexes. The S&P 500 is up 9.5% for the year and the Dow Jones Industrial...

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