A Clear Perspective on the Market’s Technology Moment
11/20/2025
In this wide-ranging Bloomberg Radio interview, ACM CIO and Founder Dr. Charles Lieberman joins Tom Keene and Paul Sweeney to break down what today’s powerful technology rally means for investors. From Nvidia’s earnings strength to the durability of corporate growth, Charles explains why today’s environment looks very different from the bubbles of the past, and why the broader U.S. economy continues to show resilience.
Drawing on decades of experience across multiple market cycles, Charles offers a grounded, data-driven view of where we stand now, what earnings are signaling, and how investors should interpret the macroeconomic backdrop.
Key Highlights
Why today’s tech rally is not the dot-com bubble
Dr. Lieberman outlines why comparisons to 2000 fall short, noting that today’s mega-cap technology leaders are supported by meaningful earnings, cash flow, and durable growth.
Nvidia’s results and what they signal about market momentum
Nvidia’s strong earnings reaffirm that AI demand remains early in its cycle and that major technology companies continue to benefit from sustained investment and adoption.
Earnings growth and valuations across the market
With solid double-digit earnings growth in Q3, Dr. Lieberman points out that valuations across much of the market, particularly within the broader “S&P 493,” remain attractive.
Interpreting economic data and Federal Reserve policy
Upcoming labor and economic indicators offer insight into employment trends and growth. Dr. Lieberman discusses how the Federal Reserve may read these signals in shaping future policy.
Understanding Walmart’s premium valuation
Drawing on long-term valuation trends, Dr. Lieberman explains why consumer staples and well-positioned retailers like Walmart often command higher multiples, supported by a mix of stability and steady growth.
Advisors Capital Management, LLC is an investment advisor registered with the United States Securities and Exchange Commission. Registration does not imply any degree of skill or training. All investing carries risk, including the potential for the loss of principal and past performance is no guarantee of future results. This content is for informational purposes only, can change at any time without notice, and is not investment advice or a recommendation to trade any security. Indices are not available for direct investment. We only provide services in jurisdictions where we are registered. Our disclosure brochure (ADV Part 2A) and customer relationship summary (ADV Part 3) are available at https://adviserinfo.sec.gov and upon request.
