US Tech Is Now Cheaper Than Europe — Here Is Why
A structural reset
US tech is now cheaper than Europe. That would have been unthinkable not long ago. Beneath the surface, positioning has collapsed, multiples have compressed sharply, and the Mag7 are no longer leading. This is the part the market is really struggling with. This is not just a correction, it’s a redefinition of what deserves a premium in an AI-first market, where future earnings, not past dominance, are being repriced.