Azeem Azhar

Yeah, I mean, it's interesting that we head into this with such a strong American economy.

I'm sitting here in North London, and there's a particularly depressing series of charts which show OECD growth rate.

These are the club of rich countries, and you have the US as part of it.

And the US is just motoring away, right?

It's the biggest economy there.

It's growing much faster, far faster than the UK, where essentially the economy is roughly the same, has been the same size for a decade or more.

And Europe, at some cases, up until about a week ago,

It almost, the mood felt funereal, but I think that there has been a change in the last few days.

The bit that I query, wonder about is this issue of the tech stock valuations.

I mean, we're definitely at a point where this magnificent seven, I love the way how the investment bank has always come up with these wonderful terms.

So the mag sevens are huge.

highly concentrated.

In fact, this is the highest level of stock market concentration since before the Great Depression.

And of course, stock analysts love to look at things like this because history rhymes in a sense.

But it does feel that there is something that is different this time around.

I mean, for one thing,

there is revenue momentum in a lot of these companies compared to the dot-com bubble where companies had valuations without revenue.

The second is the world economy is much richer and much more complex than it was in 99 or in 1929.

And so when I look at that, I wonder, of course, animal spirits can upset stock market valuations as they did on Monday with Deep Seek.

And if