This is historic: The Nasdaq’s market cap has exceeded the NYSE’s market value for the 4th consecutive month, making it the world’s largest exchange. This is only the 2nd time Nasdaq has overtaken the NYSE, the first being in 2021. This comes as the Nasdaq’s market cap hit a record 36 trillion, ~5 trillion above the NYSE’s 31 trillion. Its total value has DOUBLED over the last 3 years, driven by a massive surge in technology stocks. During the same period, the NYSE has gained +9 trillion, or +41%. Tech is reshaping the world.(The Kobeissi Letter)