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Megacap tech stocks have been on a roll. They could thrive even if interest rates turn higher again.

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The megacap technology stocks have been outperforming the broader market of late. The NYSE FANG+ index
NYFANG,
-0.93%

— which includes Facebook
FB,
-0.91%
,
Alphabet
GOOGL,
-0.96%
,
Amazon
AMZN,
-1.37%

and Apple
AAPL,
-0.45%

— has climbed 5% over the last month, compared with just 1% growth for the equal-weighted S&P 500
SP500EW,
-0.26%
.

Given the relief in bond yields, that makes intuitive sense. Tech stocks struggled when the yield on the…

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