Big Tech's Invisible Tether: Then vs. Now

XLK Price-to-Core GDP Multiple, Selected Years (1999-2028)

Note: Multiplier defined as XLK quarterly average price รท Core GDP (T$, nominal prices). Core GDP = GDP less private inventory changes and net exports. 2028 value not yet available; historical patterns shown for context.
Chart: Jake SchneiderSource: BEA, FRED, USGS, NASA, Yahoo Finance, Atlas AnalyticsGet the dataDownload imageCreated with Datawrapper