alt Hacker NewsExcept they are fundamentally different companies now. Now they have no free cash flow and they are extremely capital intensive industrial businesses.
Another note is that this is on forward earnings. What may have just happened is analyst expectations on forward earnings have caught up what markets prices earlier. Forward earnings generally lag pricing, this happens on the way up, and on the way down..
The post defines it clearly: S&P 500 Information Technology sector. That excludes Meta, Alphabet, Amazon – which were moved to Communications and Consumer Discretionary. So the “tech” we’re looking at is more traditional software and hardware (Apple, Microsoft, Nvidia, etc.).