Extraordinary moves in Big Tech stocks in response to small changes in their earnings show what a wacky market we’re in. Uncertainty about the future of the economy in general and the tech sector in particular are extremely high. In short, nobody knows anything.
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Meta, Amazon, Snap, Paypal,
and Spotify were among those having outsize moves in part because they have premium valuations based on expectations of long-term growth. Relatively small changes in the market’s best guess of that…
