Everyone is screaming "Tech bubble!"... but are we really in a bubble?

Let's look at the numbers👇

Forward P/E:

$NVIDIA(NVDA.US) - 40.48 vs 5-year average 68.9

$Apple(AAPL.US) - 35.5 vs 29.6

$Microsoft(MSFT.US) - 33.1 vs 33.8

$Alphabet(GOOGL.US) - 24.5 vs 26.2

$Amazon(AMZN.US) - 26.1 vs 70.3 🤯

$Meta Platforms(META.US) - 21.9 vs 22.8

$Broadcom(AVGO.US) - 51.8 vs 42.8

$Tesla(TSLA.US) - 256 vs 235

Notice anything?

Despite record-high profits, stronger balance sheets, and wider moats, most big tech stocks today are trading below their 5-year averages.

So maybe this isn't a bubble—maybe investors are just finally pricing in dominance.