Hard to really understand why the megacap techs trade at such a large discount to the market, their history and their fundamentals in an environment where everything else (with the exception of materials/cyclicals) are going through the roof.
The market is essentially saying that it thinks these pseudo monopolists are essentially dead men walking. It sees the young upstarts as the future, and the old lions as history.
The contrast is stark and amazing:
MSFT v CRM
ORCL v N
SAP v WDAY
INTC v LNKD
AAPL v ARMH
CSCO v RAX
HMC v TSLA
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