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Tech Valuations Back to Pre-AI Boom Levels
Macroeconomic Indicators & Trends

April 11, 2026

Tech Valuations Back to Pre-AI Boom Levels

About the Author
avatar
Torsten Slok

Partner, Chief Economist

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The chart below compares the forward P/E ratios for the S&P 500 and
the S&P 500 Information Technology sector.

Tech valuations have compressed from 40x to 20x, and we are back at
levels last seen before the AI boom began.

Valuations of tech stocks have declined meaningfully
1 page

Note: The companies listed represent the 10 largest constituents in
the S&P 500 Information Technology index by market capitalization:
NVIDIA Corp, Apple Inc, Microsoft Corp, Broadcom Inc, Oracle Corp,
Micron Technology Inc, Palantir Technologies Inc, Advanced Micro
Devices Inc, Cisco Systems Inc, and Applied Materials Inc. Sources:
Bloomberg, Macrobond, Apollo Chief Economist

Download high-res chart

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