Investors are getting excited about Big Tech again.

With resurgent doubts about the strength of the post-pandemic boom, traders are shifting back into the tech behemoths whose dominance of high-growth industries leaves them poised to keep sales and profits rising even if the economy slows.

That’s fueled a run of outperformance since the beginning of June and marks a shift from early this year, when the so-called reflation trade was all the rage as investors plowed into the stocks of companies whose fortunes are closely tethered to cyclical swings in the economy.

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