US bank strategist believes that the seven technology giants still have further room for growth.

The strategist at Bank of America stated that there is still room for the rise of large US technology stocks in the past two years, and investors should position themselves to gain more returns. The Bank of America team led by Michael Hartnett studied 10 stock market bubbles since the early 20th century and found that on average, these extremely overvalued periods produced a 244% increase from the bottom to the peak. The strategists pointed out in the report that after rising 223% from the low point in March 2023, the seven tech giants still have room for growth. They also mentioned that the current valuation levels support the view that this sector can continue to rise. Historical stock market bubbles usually end at a P/E ratio of 58 times, with these stocks currently trading 29% higher than their 200-day moving average.