Zhongyou Securities analyst Huang Fusheng: The current bubble risk of US technology stocks is still manageable.

According to Securities Times, on December 3rd, at the "2026 Postal Financial Forum and China Post Securities Strategy Report Meeting", Huang Fusheng, Vice President and Chief Economist of China Post Securities, believes that the current bubble risk in US technology stocks is still manageable. Huang Fusheng pointed out that, supported by high profits, the current price-earnings ratio of the seven technology giants in the United States is 36.8 times, lower than the 47.3 times in 2020, and much lower than the peak P/E ratio of "Four Horsemen" before the burst of the 2000 internet bubble. At the same time, the competitive landscape in the AI and computing chip sectors helps restrain the bubble in US technology stocks. For example, in the AI field, OpenAI is no longer dominant, with companies like Google, Microsoft, DeepSeek, and Alibaba launching their own artificial intelligence models; in the computing chip sector, Nvidia faces competition from companies like AMD, Broadcom, Huawei, and Cambricon, even facing the replacement of Google's TPU chip, the market competition gradually becoming more diverse.