Saying the stock market is surging is a bit of an oversimplification. If you compare trough (Oct '22) to peak (Jan '24) you get a 65% annualized rate of increas

Saying the stock market is surging is a bit of an oversimplification. If you compare trough (Oct '22) to peak (Jan '24) you get a 65% annualized rate of increase. But if you compare peak (Nov '21) to peak (Jan '24) we're essentially flat at 1.4% annualized. If a business accustomed to double digit growth every year instead saw 1.4% growth annualized over 2 years then the numbers simply can't work out to keep doing what they've always done. The fact that equity valuations are WAY better than they were in Oct '22 doesn't really help because nobody was raising money during the down turn in the first place! Everyone is priced in on pre-pandemic valuations, which for the most part are unchanged. Note: I used the NASDAQ-100 Technology Sector, ticker NDXT to calculate these numbers [0]. [0] https://www.tradingview.com/chart/34OYpFIv https://www.tradingview.com/chart/34OYpFIv