Technology — Sector Analysis

Macro regime signal · XLK

Current: Inflationary BoomNeutral★★★★★

Economy grows but rising rates compress high-multiple valuations.

Signal across all regimes

Goldilocks

Strong buy

★★★★★

Inflationary Boom ←

Neutral

★★★★★

Stagflation

Underweight

★★★★★

Deflationary Bust

Neutral

★★★★★

Liquidity Boom

Strong buy

★★★★★

Rate Hike Cycle

Avoid

★★★★★

Rate Cut Anticipation

Overweight

★★★★★

Volatility Shock

Underweight

★★★★★

Companies

142

Total mkt cap

$33.30T

Sector P/E (ETF)

41.9×

Avg gross margin

48.9%

Strong / Positive

Caution / At Risk

Metrics comparison

Company	Mkt Cap (USD)↓	P/E (vs sector)	Gross Margin	Net Margin	D/E Ratio	Risks
NVDANVIDIA CORP	$5.57T	29.1×	71.1%	55.6%	0.05	2
AAPLApple Inc.	$4.97T	39.0×	46.9%	26.9%	1.23	3
MSFTMICROSOFT CORPORATION	$3.88T	29.1×	67.9%	40.3%	0.09	—
2330.TWTaiwan Semiconductor Manufacturing Company Limited	$2.07T	29.8×	59.9%	44.6%	0.17	1
AVGOBroadcom Inc.	$1.72T	46.0×	67.8%	36.2%	—	—
005930.KSSamsung Electronics Co., Ltd.	$1.28T	—	39.4%	13.3%	0.01	—
MUMicron Technology, Inc.	$1.16T	13.8×	80.7%	63.8%	0.02	1
AMDADVANCED MICRO DEVICES INC	$1.01T	158.3×	49.5%	12.5%	0.04	2
000660.KSSK hynix Inc.	$891.4B	—	60.4%	44.2%	0.12	1
ASML.ASASML Holding N.V.	$701.8B	61.7×	52.8%	29.4%	0.14	—
INTCINTEL CORP	$566.0B	—	34.8%	-0.5%	0.41	4
PLTRPalantir Technologies Inc.	$477.7B	171.4×	82.4%	36.3%	—	1
CSCOCISCO SYSTEMS, INC.	$453.0B	34.5×	64.5%	21.0%	0.45	1
ORCLOracle Corporation	$411.3B	22.5×	—	25.4%	—	1
AMATAPPLIED MATERIALS INC /DE	$404.4B	44.9×	48.7%	24.7%	0.32	—
LRCXLAM RESEARCH CORPORATION	$401.2B	55.7×	50.5%	31.3%	0.30	1
DELLDell Technologies Inc.	$365.3B	33.4×	20.0%	5.2%	—	3
PANWPalo Alto Networks, Inc	$326.0B	—	70.4%	2.7%	—	3
CRWDCrowdStrike Holdings, Inc.	$269.3B	—	74.7%	-3.4%	0.17	2
TXNTEXAS INSTRUMENTS INCORPORATED	$263.2B	44.0×	57.0%	28.3%	0.86	—
KLACKLA Corporation	$256.7B	53.7×	—	35.6%	0.93	—
MRVLMARVELL TECHNOLOGY, INC	$246.8B	90.3×	51.0%	32.6%	0.31	3
SAP.DESAP SE	$238.8B	27.6×	72.9%	19.5%	0.09	1
2454.TWMediaTek Inc.	$234.7B	79.8×	47.5%	17.7%	0.00	1
IBMINTERNATIONAL BUSINESS MACHINES CORP	$213.5B	20.1×	58.2%	15.7%	1.68	2
SHOPShopify Inc.	$211.7B	111.2×	48.1%	10.7%	—	2
SHOP.TOShopify Inc.	$211.4B	114.2×	48.1%	10.7%	—	2
ADIANALOG DEVICES INC	$196.7B	48.7×	61.5%	20.6%	0.24	—
6857.TAdvantest Corporation	$188.3B	81.1×	64.3%	33.3%	0.00	2
QCOMQUALCOMM INC/DE	$188.0B	20.4×	—	12.5%	0.70	1
CRMSalesforce, Inc.	$187.5B	20.8×	77.7%	18.0%	0.24	1
8035.TTokyo Electron Limited	$183.5B	45.8×	45.3%	23.5%	—	—
STXSeagate Technology Holdings plc	$176.2B	55.7×	—	26.1%	1.56	2
2308.TWDelta Electronics, Inc.	$159.9B	62.6×	34.3%	10.8%	0.21	—
NOWServiceNow, Inc.	$144.5B	87.3×	77.5%	13.2%	—	2
6758.TSony Group Corporation	$139.9B	20.4×	30.8%	-2.6%	0.10	2
FTNTFORTINET, INC.	$138.7B	66.8×	80.5%	27.3%	0.40	3
ACNAccenture plc	$127.5B	15.4×	—	11.0%	—	—
6861.TKeyence Corporation	$122.7B	44.5×	83.0%	38.1%	—	—
NETCloudflare, Inc.	$121.7B	—	74.5%	-4.7%	—	2
SNOWSNOWFLAKE INC.	$121.2B	—	67.2%	-28.4%	—	3
2317.TWHon Hai Precision Industry Co., Ltd.	$109.4B	16.7×	6.1%	2.3%	0.17	—
3711.TWASE Technology Holding Co., Ltd.	$102.5B	56.9×	17.7%	6.2%	0.63	1
DDOGDatadog, Inc.	$98.3B	—	80.0%	3.1%	—	2
CDNSCADENCE DESIGN SYSTEMS, INC.	$96.2B	69.4×	—	20.9%	—	—
SNPSSYNOPSYS INC	$95.4B	87.9×	77.0%	18.9%	0.48	3
ADBEADOBE INC.	$93.8B	13.5×	89.3%	30.0%	0.53	1
6981.TMurata Manufacturing Co., Ltd.	$90.5B	65.1×	42.3%	12.8%	0.00	—
IFX.DEInfineon Technologies AG	$85.8B	64.0×	39.2%	6.9%	0.34	2
1810.HKXiaomi Corporation	$83.2B	18.8×	22.3%	9.1%	0.09	—
TCS.NSTata Consultancy Services Limited	$82.0B	16.0×	45.1%	18.4%	—	—
INTUINTUIT INC.	$81.2B	18.5×	—	21.3%	0.40	—
6752.TPanasonic Holdings Corporation	$65.2B	56.6×	31.4%	2.4%	0.22	2
MSTRSTRATEGY INC	$60.4B	—	68.7%	-806.3%	0.19	3
2303.TWUnited Microelectronics Corporation	$58.0B	22.4×	29.0%	17.0%	0.12	1
GRMNGARMIN LTD	$51.8B	27.7×	58.7%	23.0%	—	—
0992.HKLenovo Group Limited	$50.2B	29.1×	15.4%	2.3%	0.51	2
ASM.ASASM International NV	$49.1B	41.1×	51.8%	22.8%	—	—
STMPA.PASTMicroelectronics N.V.	$48.2B	—	33.9%	1.4%	0.10	4
6702.TFujitsu Limited	$46.2B	23.5×	35.6%	12.8%	—	—
6701.TNEC Corporation	$43.5B	25.6×	33.0%	7.5%	0.12	—
INFY.NSInfosys Limited	$42.9B	13.9×	30.2%	16.4%	—	1
6723.TRenesas Electronics Corporation	$42.0B	20.5×	57.1%	-3.9%	0.39	3
2382.TWQuanta Computer Inc.	$41.8B	15.2×	7.0%	3.5%	0.23	2
CRDOCredo Technology Group Holding Ltd	$39.8B	75.1×	68.0%	35.4%	—	1
ZSZscaler Inc	$35.4B	—	76.8%	-1.9%	—	2
HCLTECH.NSHCL Technologies Limited	$33.8B	18.8×	47.0%	12.8%	0.00	—
DSY.PADassault Systèmes SE	$31.8B	22.3×	83.7%	19.2%	0.13	—
ERIC-B.STTelefonaktiebolaget LM Ericsson (publ)	$30.7B	12.8×	47.6%	12.0%	0.27	1
HPQHP INC.	$29.3B	12.4×	20.6%	4.6%	—	1
SMCISuper Micro Computer, Inc.	$27.7B	13.1×	10.8%	5.7%	—	2
HEXA-B.STHexagon AB (publ)	$27.2B	12.4×	66.3%	11.4%	0.22	1
7751.TCanon Inc.	$24.8B	11.9×	46.7%	7.2%	0.09	—
2357.TWASUSTeK Computer Inc.	$23.2B	14.7×	15.1%	6.0%	0.00	1
CAP.PACapgemini SE	$20.6B	14.1×	27.0%	7.1%	0.64	—
UUNITY SOFTWARE INC.	$20.2B	—	74.2%	-21.8%	—	3
2395.TWAdvantech Co., Ltd.	$19.8B	46.3×	39.8%	14.9%	0.00	1
7735.TSCREEN Holdings Co., Ltd.	$19.7B	33.9×	38.5%	15.2%	0.00	—
WIPRO.NSWipro Limited	$16.8B	13.1×	29.2%	14.2%	0.00	1
BESI.ASBE Semiconductor Industries N.V.	$16.0B	70.3×	63.3%	22.3%	1.22	—
LOGN.SWLogitech International S.A.	$14.5B	19.4×	43.2%	14.7%	—	—
GIB-A.TOCGI Inc.	$14.4B	12.3×	16.4%	10.4%	0.27	1
TECHM.NSTech Mahindra Limited	$14.0B	26.4×	28.2%	8.5%	—	—
DOCUDOCUSIGN, INC.	$13.4B	43.6×	79.4%	9.6%	—	2
2379.TWRealtek Semiconductor Corp.	$12.0B	27.3×	50.0%	12.0%	—	1
PAYTM.NSOne97 Communications Limited	$11.0B	175.4×	31.1%	6.8%	—	2
OFSS.NSOracle Financial Services Software Limited	$9.5B	27.4×	60.4%	34.4%	—	—
PERSISTENT.NSPersistent Systems Limited	$9.1B	46.4×	28.0%	12.6%	—	—
GTLBGITLAB INC.	$8.9B	—	87.4%	-5.9%	—	3
COFORGE.NSCoforge Limited	$8.5B	38.4×	39.9%	9.5%	0.01	—
2382.HKSunny Optical Technology (Group) Company Limited	$8.2B	13.1×	19.7%	10.7%	0.05	—
PCTYPAYLOCITY HOLDING CORPORATION	$8.1B	31.1×	69.2%	15.2%	0.07	2
DIXON.NSDixon Technologies (India) Limited	$8.0B	37.1×	6.4%	3.0%	0.08	1
6645.TOMRON Corporation	$7.9B	37.5×	45.7%	3.7%	0.09	—
XRO.AXXero Limited	$7.4B	—	83.9%	6.1%	0.13	3
APPFAppFolio, Inc.	$7.0B	45.0×	—	14.8%	—	—
6724.TSeiko Epson Corporation	$6.8B	59.5×	35.4%	1.3%	—	2
NXT.AXNEXTDC Limited	$5.5B	86.1×	81.6%	16.5%	0.54	2
2018.HKAAC Technologies Holdings Inc.	$5.3B	16.0×	22.1%	7.9%	0.31	—
ACMRACM Research, Inc.	$4.9B	33.4×	44.4%	10.4%	0.15	3
NSITINSIGHT ENTERPRISES, INC.	$4.7B	23.8×	21.4%	1.9%	—	4
MPHASIS.NSMphasis Limited	$4.7B	23.6×	30.0%	11.7%	—	—
AIXA.DEAIXTRON SE	$4.6B	70.2×	40.0%	15.3%	—	1
BILLBILL Holdings, Inc.	$4.5B	—	80.9%	-0.7%	0.52	1
BDCBELDEN INC.	$4.2B	17.6×	38.0%	8.7%	1.02	—
V03.SIVenture Corporation Limited	$3.6B	19.9×	27.6%	9.0%	—	2
FRSHFreshworks Inc.	$3.6B	21.7×	85.0%	21.9%	—	—
LTTS.NSL&T Technology Services Limited	$3.5B	26.2×	27.3%	11.6%	—	—
FOURSHIFT4 PAYMENTS, INC.	$3.1B	62.7×	—	2.8%	3.15	2
TATATECH.NSTata Technologies Limited	$3.1B	53.7×	27.6%	9.9%	0.15	—
AWX.SIAEM Holdings Ltd.	$2.7B	77.7×	25.7%	4.2%	0.00	1
ALRMALARM.COM HOLDINGS, INC.	$2.7B	24.5×	—	13.0%	—	1
6770.TAlps Alpine Co., Ltd.	$2.7B	17.1×	17.8%	2.6%	0.12	1
PLUSePlus inc.	$2.4B	19.7×	25.2%	5.4%	0.04	1
3867.KLMalaysian Pacific Industries Berhad	$2.1B	47.9×	12.2%	7.1%	0.09	—
BLKBBlackbaud, Inc.	$2.0B	14.1×	58.8%	10.2%	13.06	2
TATAELXSI.NSTata Elxsi Limited	$2.0B	30.7×	38.6%	16.7%	—	2
AIY.SIiFAST Corporation Ltd.	$1.9B	20.7×	71.8%	22.5%	0.25	3
5005.KLUnisem (M) Berhad	$1.8B	108.8×	60.0%	4.6%	0.01	2
BANDBANDWIDTH INC.	$1.7B	—	39.1%	-1.7%	0.62	2
PGEL.NSPG Electroplast Limited	$1.5B	73.5×	14.3%	3.9%	0.05	—
DTL.AXData#3 Limited	$1.5B	39.4×	33.6%	6.0%	—	3
2038.HKFIH Mobile Limited	$1.4B	24.8×	3.1%	0.8%	—	2
KPITTECH.NSKPIT Technologies Limited	$1.4B	23.3×	37.7%	9.9%	0.04	2
DFINDonnelley Financial Solutions, Inc.	$1.2B	34.4×	—	4.2%	0.45	3
PXA.AXPEXA Group Limited	$797M	58.9×	82.7%	-4.0%	0.20	3
TANLA.NSTanla Platforms Limited	$687M	12.6×	21.4%	11.5%	—	—
WLN.PAWorldline SA	$647M	—	56.5%	-128.0%	0.66	6
RPTECH.NSRashi Peripherals Limited	$612M	19.7×	5.5%	1.8%	0.00	—
IIIVi3 Verticals, Inc.	$538M	53.3×	—	8.4%	0.00	4
HAPPSTMNDS.NSHappiest Minds Technologies Limited	$476M	20.7×	35.9%	9.2%	0.20	1
ATO.PAAtos Group	$463M	—	38.8%	-17.5%	—	5
FCL.AXFINEOS Corporation Holdings plc	$462M	95.8×	76.2%	0.7%	—	1
TYR.AXTyro Payments Limited	$257M	17.3×	90.9%	4.5%	—	1
BBW.SIAzeus Systems Holdings Ltd.	$238M	13.5×	76.2%	28.9%	—	2
0909.HKMing Yuan Cloud Group Holdings Limited	$189M	81.0×	78.4%	2.4%	0.00	6
ERD.AXEROAD Limited	$106M	—	82.2%	-86.1%	0.12	4
EML.AXEML Payments Limited	$60M	—	62.3%	-13.1%	0.63	6
AYN.SIGlobal Testing Corporation Limited	$29M	10.3×	22.1%	8.3%	—	1
DUB.AXDubber Corporation Limited	$15M	—	64.4%	-106.8%	—	3
PARABanzai International, Inc.	$3M	—	82.0%	-184.9%	—	6
LPSNLIVEPERSON, INC.	—	—	—	-26.9%	—	5