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Nov 03, 2026,
On Nov. 30, 2022, OpenAI, a little-known San Francisco startup, released a chatbot named ChatGPT. Within months, it had triggered the largest technology spending cycle in a generation. Almost four years later, Wall Street is valuing tech stocks as if that day never came. The S&P 500 Information Technology sector now trades at 18.2 times expected earnings for the next 12 months, according to LSEG Datastream data compiled by Yardeni Research as of Nov. 2. That multiple is back to where it stood in October 2022, a month before ChatGPT’s launch. In late 2025, it was above 30. It is…
