Too much 7up ?

While the S&P 500 is up 18.5% y-t-d in 2023, it is all driven by the so-called Magnificent 7 Big-Tech companies, namely Apple, Amazon, Alphabet, Meta, Microsoft, NVDIA and Tesla. These 7 companies are up 80% in 2023, while the remaining 493 are basically flat. According to the Chief Economist of Apollo, these 7 stocks trade currently at 53 times trailing earnings, a similar level the biggest tech companies traded at the peak of the tech bubble or a similar level the biggest nifty fifty traded at during the seventies. If history is any guide ( and it is for us ), such a concentration on a few highly valued companies will eventually end in tears.