The equity bull market and the continued rise in leading technology firms have led many to worry about being in a bubble, according to Goldman Sachs' research report.

History suggests that bubbles are usually driven by enthusiasm surrounding transformative technologies, attracting investors, capital and new entrants. Typical bubble characteristics include rapid asset price hike, extreme valuations and significant systemic risks triggered by increased leverage.

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The median forward 24-month PE ratio for the Magnificent 7, including Apple (AAPL.US)      , Microsoft (MSFT.US)      , Alphabet (GOOGL.US)      , Tesla (TSLA.US)      , Meta (META.US)      , Nvidia (NVDA.US)      and Amazon.com (AMZN.US)      , is 27x, or 26x if Tesla, which has a valuation much higher than others, is excluded, Goldman Sachs said.

Leading tech giants of the 2020s are likely to continue dominating their respective fields, but rapid innovation, especially around machine learning and AI, is expected to spawn a new wave of tech superstars, launching new products and services on the back of the current capital expenditure boom.
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