Technology stocks have never been bigger: The Nasdaq's market cap relative to the US M2 money supply is up to a record 145%. This ratio has now officially surpassed the peak of the 2000 Dot-Com Bubble. Since the 2022 bear market low, it has more than DOUBLED. In other words, the value of tech stocks has surged twice as fast as the growth in the money supply. By comparison, this ratio fell as low as 25% during the 2008 Financial Crisis. The AI revolution is real.(The Kobeissi Letter)