Jin Shi Shu Ju·2025-10-08 13:27Group 1 - Goldman Sachs strategist Peter Oppenheimer believes it is too early to worry about a bubble in the soaring US tech stocks, as their record gains have been accompanied by strong earnings growth [1] - Oppenheimer and his team noted that while tech valuations are becoming stretched, they have not yet reached historical bubble levels [1] - The report emphasizes the need for diversified investments to mitigate risks from concentrated gains in US stocks and increasing competition in the AI sector [1] Group 2 - The Nasdaq 100 index has a forward P/E ratio of 28, compared to its ten-year average of 23, while the MSCI global ex-US index has a P/E ratio of 15 [2] - Oppenheimer indicated that bubbles typically form when a company's average value significantly exceeds its implied future cash flows, but the top-performing tech stocks currently have "exceptionally strong balance sheets" [2] - The overall rise in stock and credit market valuations is attributed more to low interest rates, high global savings, and prolonged economic cycles rather than a bubble in the tech sector [2]