Without tech stocks and recent AI-hype, markets would be significantly lower.

As we have noted multiple times this year, the same trend can be seen in the Nasdaq.

70% of the index's YTD performance is from just 10 stocks.

Perhaps this is just the new normal as tech giants become bigger.

Follow us @KobeissiLetter for real time analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) October 16, 2023

CHARLES SCHWAB BANK DEPOSITS OVER THE LAST 18 MONTHS $SCHW

Q1 2022 -> $452.6 BILLION
Q2 2022 -> $449.9 BILLION
Q3 2022 -> $420.1 BILLION
Q4 2022 -> $378.8 BILLION

Q1 2023 -> $343.1 BILLION
Q2 2023 -> $312.5 BILLION
Q3 2023 -> $290.8 BILLION

DO YOU NOTICE A TREND ?? https://t.co/UI2fGRa8lL

— GURGAVIN (@gurgavin) October 16, 2023