Non-profitable stocks are surging: Goldman Sachs’ Non‑Profitable Tech Index has surged ~66% since its April low. This gauge tracks high-growth tech names with negative earnings. By comparison, the S&P 500 has risen +31% over the same period, or less than half as much. This has been one of the sharpest rebounds in the history of unprofitable tech after a ~33% drop between February and April. To put this into perspective, in 2020, the index soared over 300% before wiping out all its gains during the 2022 bear market. Investors are piling back into speculative growth stocks.(The Kobeissi Letter)