Investment insights from Capital Group
Sources: Capital Group, MIT Initiative on the Digital Economy. The productivity “J curve” illustration shows the lag effect that the introduction of new technology can have on total factor productivity (TFP). TFP is measured as the change in aggregate economic output that is not associated with changes in either capital or labor input and approximates the impact of technology change.
Sources: Capital Group, FactSet, Standard & Poor’s. “Big Tech’s proportion of total capex” represents total capital expenditures by Alphabet, Amazon, Meta and Microsoft as a percentage of total capital expenditures by companies in the S&P 500 Index. Data as of June 30, 2024.
Sources: Capital Group, FactSet, Standard & Poor's. The S&P 500® Information Technology comprises those companies included in the S&P 500 that are classified as members of the GICS® information technology sector. Forward P/E represents the ratio between stock prices and the forward 12-month consensus earnings per share estimate. The two years prior to the dot-com bubble represents the 24 months ended February 29, 2000. The last two years is the 24 months ended June 30, 2024.
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