SINGAPORE (Oct 13): For much of this year, global investors have been enamoured with “growth”, chasing large-cap tech stocks, or FAANNG — social media giant Facebook, e-commerce behemoth Amazon.com, smartphone powerhouse Apple, video-streaming pioneer Netflix, artificial intelligence chip leader Nvidia and dominant search engine Google’s parent, Alphabet.

The stealth tech stock rally in 2017 has been powered by the development of disruptive themes such as AI, blockchain, cloud computing, big data analytics, the sharing economy, machine learning and deep learning.

Global tech stocks have added a whopping US$2.45 trillion ($3.33 trillion) in market capitalisation over the past 12 months. Chinese tech firms alone have gained nearly US$320 billion in market value over the previous year.

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