Economy is slowing! Big Tech is priced like the party never ends, just look at these P/Es
And no magic liquidity indicator or fancy theory will change that. Major layoffs announced in 2025: • UPS: 48,000 employees • Amazon: up to 30,000 employees • Intel: 24,000 employees • Nestlé: 16,000 employees • Accenture: 11,000 employees • Ford: 11,000 employees • Novo Nordisk: 9,000 employees • Microsoft: 9,000 employees • Chevron: 8,000 employees …