Tech profitability has been truly historic:

Over the last two years, the US Technology, Media, and, Telecom (TMT) stocks have seen earnings growth of 45%.

At the same time, US non-tech business profits have not increased at all.

Moreover, TMT earnings have DOUBLED in 5 years, materially outperforming other companies.

Such significant divergence between tech and non-tech earnings growth has never been seen before.

In effect, TMT profits now account for ~36% of the S&P 500’s total profits, near the most on record.

This market cannot survive without big tech.