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Fracturing ‘Magnificent Seven’ trade puts spotlight on megacap valuations

The diverging fortunes of tech giants and growth companies that have boosted the U.S. stock market have put a spotlight on their lofty valuations. The so-called “Magnificent Seven” are trading at an average of 33 times forward earnings over the next 12 months, up from 26 times at the end of 2022, according to LSEG […]