机构：泡沫证据不足，三大理由支撑2026年科技股将再次引领市场

Core Insights - Despite fluctuations in 2025, technology stocks are performing strongly, driven by AI investments, with profit growth rates in technology and communication services approximately four times that of other sectors in the S&P 500 [1] Group 1: Market Dynamics - The demand for data center chips, including both the latest and previous generations of GPUs, is fully utilized, contrasting with the overbuilding seen during the internet bubble [1] - Chip manufacturers are facing severe shortages, limiting growth despite record production levels [1] Group 2: Valuation and Financial Risk - The estimated peak price-to-earnings (P/E) ratio for the MSCI World Technology Index in 2025 is 31 times, which is only half of the P/E ratio before the internet bubble burst in March 2000 [1] - Most capital expenditures until 2026 will be funded by the operating cash flow of technology giants, with projected operating cash flow for the top five capital expenditure companies reaching $700 billion by 2026 [1] Group 3: Future Outlook - Technology stocks are expected to outperform the market in 2026 due to three supporting factors: the evolution of AI focusing on value creation, advancements in various innovative fields, and strong profit growth reducing reliance on P/E expansion [2]