{"id":238234,"date":"2026-01-28T11:50:04","date_gmt":"2026-01-28T16:50:04","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=238234"},"modified":"2026-01-28T11:54:43","modified_gmt":"2026-01-28T16:54:43","slug":"is-big-tech-reclaiming-the-throne","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/is-big-tech-reclaiming-the-throne\/","title":{"rendered":"Is Big Tech Reclaiming the Throne?"},"content":{"rendered":"\n<p>Big Tech is showing renewed strength as market leadership broadens beyond a narrow group of names. In this IBKR Podcast episode, Kevin Davitt of Nasdaq joins Andrew Wilkinson to break down what\u2019s driving the rally, the role of semiconductors, consumer resilience and whether Big Tech is reclaiming its place at the center of market influence.<\/p>\n\n\n\n<iframe title=\"Is Big Tech Reclaiming the Throne?\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=94rbz-1a2f121-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-346\">Summary \u2013 IBKR Podcasts Ep. 346<\/h2>\n\n\n\n<p id=\"h-\"><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p id=\"h-\">Welcome to another episode of IBKR Podcasts with me today, Head of Index Options Content at the NASDAQ in Chicago, Kevin Davitt. How are you, Kevin?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt\"><strong>Kevin Davitt<\/strong><\/h3>\n\n\n\n<p>Andrew, I\u2019m doing really well.\u00a0What about yourself?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-0\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>Doing very well for a very frosty morning here in Greenwich, Connecticut.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-0\"><strong>Kevin Davitt<\/strong><\/h3>\n\n\n\n<p>I\u2019ll\u00a0hear none of it in Chicago. None of it.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-1\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>We\u2014we got another\u2026\u00a0they\u2019re\u00a0not even calling it a nor\u2019easter anymore. I guess\u00a0it\u2019s\u00a0coming from the opposite direction.\u00a0It\u2019s\u00a0a south-southwesterly, but we got\u2014\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-1\"><strong>Kevin Davitt<\/strong><\/h3>\n\n\n\n<p>You guys are going to have a 50-degree day before long, and I just\u00a0don\u2019t\u00a0have time for this.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-2\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>Not before we get another 17 inches of snow this weekend.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-2\"><strong>Kevin Davitt<\/strong><\/h3>\n\n\n\n<p>Okay. That I\u00a0don\u2019t\u00a0envy.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-3\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>So, Kevin, we&#8217;re back to record highs for several stock markets around the world. What&#8217;s driving markets right now? <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-3\"><strong>Kevin Davitt<\/strong><\/h3>\n\n\n\n<p>So\u00a0I think that question could be answered kind of a handful of ways, which is a good thing, and it split sort of depends on your time horizon. I think if you took a broader base view, which I think makes a lot of sense when\u00a0you&#8217;re\u00a0talking about all-time highs, I would argue that equity markets\u00a0kind of continue\u00a0to trend higher on the back of strong and growing earnings.\u00a0We&#8217;re going to get more insight with respect to that from some really influential mega-cap names this afternoon, tomorrow, and next week.\u00a0You continue to see, on a global basis,\u00a0fairly accommodative\u00a0liquidity\u00a0or rate conditions. And\u00a0I think you\u00a0also continue to see reduced regulatory burdens and a resilient consumer.\u00a0We focus\u2014or we have over the past couple of years\u2014focused a great deal of attention on inflation data. Now, despite that, the American consumer continues to spend. I think one of the points\u00a0we&#8217;ll\u00a0talk about\u00a0maybe later\u00a0will be the labor market. I think\u00a0that&#8217;s\u00a0super important.\u00a0<\/p>\n\n\n\n<p>If I took a narrower view to this question with respect to time\u2014and I, as the audience might know, tend to see the world through the lens of the NASDAQ 100\u2014I\u2019d argue that the recent move has been driven largely by kind of hardware and semiconductor manufacturing names: the likes of Micron, AMD, AMAT, LAM Research, KLA-Tencor. We got a report from a European constituent in the NASDAQ 100, ASML, last night\u2014did exceptionally well. Alphabet continues to lead this year after being\u00a0a real major\u00a0driver of index performance last year.\u00a0I&#8217;d\u00a0also highlight, again, coming back to that consumer\u00a0portion, the resilience of the consumer with names like Costco, up 12.5%, and Walmart\u2014which was added to the NASDAQ 100 just this year\u2014up 5%, and Amazon up 6%. So again, going a little bit back, broad view from my perspective: Walmart\u2019s recent inclusion in the NASDAQ 100 I think is indicative of an evolution within the index and, as an exchange operator, that inclusion\u2014where I believe right now it\u2019s a top 10 constituent, I think it\u2019s number nine, with like a 3% weight\u2014reflects a diverse index that is growing in terms of constituency.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-4\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>Very interesting.\u00a0Let\u2019s\u00a0move on to the next topic.\u00a0I\u2019m\u00a0gonna\u00a0come back to the Magnificent Seven later\u2014you referenced a lot of those names there.\u00a0It\u2019s\u00a0FOMC day. The Fed\u2019s\u00a0gonna\u00a0make a decision on interest rates today, and by the time a lot of our listeners will have listened to today\u2019s podcast, the Fed will probably have done nothing. Are we\u00a0gonna\u00a0see\u2014\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-4\"><strong>Kevin Davitt<\/strong><\/h3>\n\n\n\n<p>Just to be clear,\u00a0I\u2019m\u00a0somebody that thinks primarily through the lens of option markets.\u00a0I\u2019m\u00a0not an economist. You often have Michael nor my colleague on, or Phil Mackintosh, and they think very much about those macro events. My tendency, again, through the derivatives lens, is to look at something like the Fed\u00a0Funds\u00a0futures pricing. What is that telling us right now? Because\u00a0markets\u2019\u00a0impressions are valuable\u2014there is information there.\u00a0And just to be clear for the audience, the Fed directly sets very short-term lending rates, and despite cutting those short-term rates since, I believe, August of 2024, the 10-year yield over that same timeframe has moved up from somewhere in the ballpark of 3.7% to like 4.25%, 4.3%.\u00a0<\/p>\n\n\n\n<p>The market now\u2014which can change\u2014is pricing somewhere between one and three rate cuts potentially by the end of the year. I should be&nbsp;more clear&nbsp;about that: one to three 25-basis-point cuts.&nbsp;So&nbsp;let\u2019s&nbsp;call it two, right? Could that happen by the end of the year? Yes, absolutely. The bigger&nbsp;question,&nbsp;I would&nbsp;argue,&nbsp;is about&nbsp;that inflation rate, which I referenced, and the labor markets. I think&nbsp;there&#8217;s&nbsp;significantly less clarity there, but that would be&nbsp;sort of where&nbsp;I would focus my attention as far as positioning and potential derivative risk-management tools.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-5\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>I get the impression\u2014and you mentioned something about the big names earlier on\u2014that\u00a0there&#8217;s\u00a0been a return of the Magnificent Seven. I think when we spoke a couple of weeks ago, we were both\u00a0kind of somewhat\u00a0impressed with the bifurcation in the technology rally.\u00a0Do you think the Magnificent Seven\u2019s come back into vogue all of a sudden?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-5\"><strong>Kevin Davitt<\/strong><\/h3>\n\n\n\n<p>So\u00a0I like the way you frame it.\u00a0Maybe I\u2019m\u00a0skewed by my position, but I would\u00a0kind of argue\u00a0that the Mag Seven\u2014or \u201clead eight,\u201d or\u00a0kind of whatever\u00a0moniker you want to apply to it\u2014is factored into overall market outlook.\u00a0No matter whether you&#8217;re focused really exclusively on one of those names or not, the performance there is, in some ways, kind of table stakes.\u00a0And going back to our\u00a0point from\u00a0a couple of weeks ago,\u00a0I&#8217;m\u00a0excited to see this kind of continued broadening of earnings growth. I mentioned some hardware names, like those semi names that have become\u00a0very strong\u00a0performers that have gotten less attention in the two years prior.\u00a0So\u00a0this sort of broadening of the narrative beyond that real\u00a0hyperscaler, AI-centric one I think has led to a broader, more resilient market and sustained pushes toward, as we see today, new all-time highs.\u00a0So\u00a0I think the Mag Seven and the NASDAQ 100 are\u00a0kind of broadly\u00a0at the epicenter of market influence these days, but the narrative is more inclusive, and\u00a0that&#8217;s\u00a0something that I welcome.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-6\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>What are some of the headlines in the text, Kevin, that you believe are helping?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-6\"><strong>Kevin Davitt<\/strong><\/h3>\n\n\n\n<p>So\u00a0we&#8217;re\u00a0gonna\u00a0get a lot more clarity on this\u00a0probably by\u00a0the next time you and I speak, but the expectation\u2014and much of the rally over the past two and a half, three years\u2014has been led by earnings growth. We have not seen real P\/E appreciation over that\u00a0timeframe\u00a0because earnings have been so\u00a0strong\u00a0and margins have been so strong.\u00a0I think that\u00a0continues to be the case, with\u00a0sort of potential\u00a0risks\u2014speed bumps in the form of geopolitics or\u00a0perhaps inflation\u00a0rearing its head. And\u00a0so\u00a0while it might not be super actionable, the broad-based landscape I think\u00a0remains\u00a0the same, and that emphasis on real, robust growth is the focus.\u00a0And so long as that&#8217;s the case, the backdrop seems fairly positive.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-7\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>Kevin,\u00a0you&#8217;ll\u00a0give us an update in a couple of weeks\u2019 time.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-7\"><strong>Kevin Davitt<\/strong><\/h3>\n\n\n\n<p>I would love to.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-8\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>Alright, brilliant. Thank you very much for joining me again today.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-8\"><strong>Kevin Davitt<\/strong><\/h3>\n\n\n\n<p>Thank you for having me.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-9\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p id=\"h-\">And to the audience, thank you for listening. And remember, if you enjoyed today&#8217;s episode, please subscribe wherever you download your podcasts from. Bye for now.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Big Tech is showing renewed strength as market leadership broadens beyond a narrow group of names. In this IBKR Podcast episode, Kevin Davitt of Nasdaq joins Andrew Wilkinson to break down what\u2019s driving the rally, the role of semiconductors, consumer resilience and whether Big Tech is reclaiming its place at the center of market influence.<\/p>\n","protected":false},"author":111,"featured_media":238236,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[10842,13857],"tags":[16187,20379,21070,625,1840,18013,21067,15769,2099,19320,15439,3029,14265,3598,1480,1081,11370,18440,21069,21068],"contributors-categories":[13576,13756],"class_list":{"0":"post-238234","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-podcasts","8":"category-podcasts","9":"tag-andrew-wilkinson","10":"tag-big-tech-stocks","11":"tag-consumer-resilience","12":"tag-earnings-growth","13":"tag-equity-markets","14":"tag-fed-interest-rates","15":"tag-fomc-decision","16":"tag-ibkr-podcasts","17":"tag-interactive-brokers","18":"tag-kevin-davitt","19":"tag-magnificent-seven","20":"tag-market-leadership","21":"tag-market-momentum","22":"tag-market-outlook","23":"tag-market-rally","24":"tag-nasdaq-100","25":"tag-semiconductor-stocks","26":"tag-stock-market-podcast","27":"tag-tech-rally","28":"tag-tech-sector-leadership","29":"contributors-categories-interactive-brokers","30":"contributors-categories-nasdaq"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is Big Tech Reclaiming the Throne? | IBKR Podcasts<\/title>\n<meta name=\"description\" content=\"Big Tech is showing renewed strength as market leadership broadens beyond a narrow group of names. 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