After Goldman Sachs, JP Morgan also supported, saying that the valuations of the "seven giants" are still below their peak.

Mislav Matejka, strategist at JP Morgan, pointed out that the valuations of the seven tech giants driving Wall Street to record highs are currently lower than the average level of other components of the S&P 500 index over the past five years. Matejka wrote in a report, "People are concerned about the strong performance of these seven companies, but we note that, given the earnings releases, the current trading of the group is not as tight as it was a few years ago." He stated, "This is not to say that this group is immune to disappointing future earnings, but in a scenario of overall disappointing earnings, these stocks may still outperform traditional cyclical stocks." Strategists at Goldman Sachs also stated last week that although the concentration of the U.S. stock market has reached its highest level in decades, the valuations of top stocks are far lower than large stocks during the peak of the tech bubble. These seven stocks - Google (GOOGL), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA) - drove the largest gains in the S&P 500 index last year. The benchmark index hit a historical high in 2024, but the performance of these large stocks has recently diverged. While the darling of artificial intelligence, Nvidia, reached a historical high, concerns about declining iPhone sales and regulatory pressure caused Apple's stock price to undergo a technical correction this month. A report released last week by Bank of America showed that tech funds experienced the largest outflow of funds on record. However, strategist Michael Hartnett reiterated that tech stocks may have greater upside potential.