The $42T Question – Sizing Tech+, Next Generation Screen & Amphenol (APH)

研报英文原文证据摘录

The $42T Question – Sizing Tech+, Next Generation Screen & Amphenol (APH)

Global Research

15 July 2026ab

HOLT TMT Equities

AmericasThe $42T Question – Sizing Tech+, Next

Generation Screen & Amphenol (APH) Technology

John Talbott, CFA

HOLT Sector Specialist

john.talbott@ubs.com

This report covers three separate timely topics in TMT from the HOLT view. +1-212-325 1813

Helen Booth, CFA

Half the Market, Half the Value Creation HOLT Sector Specialist

Given Tech’s strength this year - and its leadership over the past decade - a common helen.v.booth@ubs.com

+44-20-7883 1736question we hear from investors is deceptively simple: How big has Tech become, and

does it still make sense? Measured properly - using our Tech+ aggregate, which Jonathan Carson

combines the GICS Technology sector with Communication Services and other “Tech- HOLT Sector Specialist

like” companies (including AMZN and TSLA) - Tech now represents roughly half of the jonathan.carson@ubs.com

+1-212-882 5659U.S. equity market. At approximately $42 trillion in market value, it is larger than the

rest of the U.S. market combined, more than double the size of Europe’s equity market,

and several times larger than those of China and Japan.

The market-value dominance is indisputable; less appreciated is that the fundamentals

have more than kept pace. Tech+’s share of U.S. value creation, as measured by HOLT

Economic Profit, has risen from 14% in 2005 to 50% today and is forecast to

reach 54% by 2027. Over that period, Economic Profit compounded at 14% annually,

versus 13% for market capitalization. The scale may feel uncomfortable, but the

evidence shows the expansion has been earned rather than driven simply by a sector re-

rating. The question is no longer whether Tech’s dominance is deserved, but