The tech heavy Nasdaq has been leading the way in 2023 after a horrendous prior year performance. As we leave the month of April, the Nasdaq has gained about 16% year to date, led by familiar big tech names like Amazon, Meta, Google, and don’t forget Microsoft. The sales numbers have been impressive…Amazon clocking in with over $100 billion in quarterly sales, Google (Alphabet) with more than $60 billion, and Microsoft with over $50 billion. As the arms race for AI takes off, there seems to be cash available for the perceived next big idea. At the midway point of earnings season, about 75% of companies have beat expectations and through the first quarter, $77 billion has flowed into equities. This, along with tight employment, will hopefully portend a “soft landing” for the economy and maybe even softer inflation rates.
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