The dominance of major U.S. tech stocks in recent years has pushed the sector past another milestone as it is now more valuable than the entire European stock market, according to Bank of America Global Research, CNBC reports. The firm said in a note that this is the first time the market cap of the U.S. tech sector, at US$9.1 trillion, exceeds Europe, which including the U.K. and Switzerland is now at US$8.9 trillion. Tech pulling ahead of the European continent comes as the U.S. market has become increasingly concentrated in mega-cap tech stocks, worrying some market strategists. Tech overtaking Europe is also reflected in the overall performance of the U.S. and European markets. The U.S. tech stocks also have large international businesses and do not derive all of their value from the American economy.

Source: The Standard August 30, 2020 06:00 UTC