Shares of Facebook, Amazon, Google parent Alphabet, and Netflix have all posted gains of more than 20% this year, but as the WSJ reports, China’s tech heavy weights make the US tech rally look modest.
Tencent and Alibaba have both jumped more than 40%, and investors don’t expect them to slow down just yet.
“Fundamentals for these large-cap internet stocks have been pretty resilient,” John Choi of Daiwa Capital Markets was quoted by the WSJ as saying. “The overall momentum is still very strong and I think there is more to come.”