Tech Rockets Higher on Fed Fuel

Sep 20, 2024

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Tech Rockets Higher on Fed Fuel

The Fed's first rate cut of 2024 lit a fire under beaten-down tech stocks. Sky-high valuations in cutting-edge AI like C3.AI and semiconductor players like Nvidia exploded higher on hopes that an extended easing cycle will amplify their bold future earnings projections.

Each successive rate cut lowers the discount rates applied to distant cash flows, providing crucial buoyancy for the high-multiple disruptors. With Treasury curves already inverted on recession fears, aggressive contrarians are piling in early to front-run a potential "reflation renaissance" trade reviving 2020's pandemic-era euphoria.

But risks remain that any Fed policy stumbles could pull the rug out quickly. These high-wire growth stories will need the central bank to stick an economic softening landing to maintain their lofty new-found valuations.

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