Summary

• The US–Iran conflict may be over, but the damage to the global economy will linger. For tech investors, however, the war has hardly registered.
• The SPDR S&P 500 Tech ETF (XLK) has surged nearly 35% during the war through yesterday’s close (June 16), a sharp premium over the broad market’s 9.7% gain over the same period, based on the SPDR S&P 500 (SPY).
• AI-driven capital spending and cloud demand are doing the heavy lifting for S&P 500 earnings growth, with the technology sector contributing the overwhelming majority of that strength.

The US–Iran conflict may be over, but the damage to the global economy will linger. For tech investors, however, the war has hardly registered. A review of sector ETFs shows that tech stocks have soared since the attacks on