Bloomberg Intelligence: Sectors influenced by artificial intelligence are still screening as inordinately expensive — like US and emerging market tech and US utilities — even after the market’s swoon. The median US tech stock trades at a forward price-to-book ratio around 6.1x, but the relationship between global sector valuations and return on equity estimates imply a 4.8x multiple (20% lower) would be more appropriate. EM tech screens as even pricier, with a median forward price-to-book of 3.2x, while ROE estimates imply a 2.1x multiple (35% lower)
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