We're near the top of a huge an unprecedented bubble in tech stocks. Top 5 stocks are tech and are 23% of the S&P 500, all time highs in the middle of a pandemic with the global economy stuttering. That's a greater concentration than the year 2000. So it's a good time to IPO for tech stocks.
And you think that percentage will get lower? Please. Tech will only get larger in the long run.
A concentration of valuations in a few large companies is not a healthy sign.