Carlyle Cautious on Big Tech, Likes ‘Exceptionally Cheap’ Europe

Bloomberg01-08 01:40

(Bloomberg) -- The run-up in big US tech stocks is starting to look overdone, boosting the appeal of beleaguered European equities, according to Carlyle Group Inc.’s Jason Thomas. The euro may be at ...

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One of the big unanswered questions in the region, he said, is whether leaders will act on former European Central Bank President Mario Dra","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CG":"凯雷","BK4135":"资产管理与托管银行","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC"},"translate_title":"凯雷对大型科技公司持谨慎态度，喜欢“异常便宜”的欧洲","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CG":0.9},"content_text":"(Bloomberg) -- The run-up in big US tech stocks is starting to look overdone, boosting the appeal of beleaguered European equities, according to Carlyle Group Inc.’s Jason Thomas.\nThe euro may be at parity with the greenback in the next few months, giving US dollar investors a foreign-exchange tailwind along with valuations that already make European equities “exceptionally cheap,” Thomas said Tuesday in an interview on Bloomberg Surveillance. European stocks are trading at a 40% discount to US assets, he said.\n“That provides pretty significant risk compensation to investors,” said Thomas, head of global research and investment strategy at Washington-based Carlyle. At the same time, he said, Big Tech companies have adopted an “asset-heavier” business model, putting valuations in sharper focus.\nThomas’ take makes him an outlier at a time when predictions of a European rebound remain frustratingly elusive and US technology stocks are standout performers. The 186% surge for the S&P 500 in the decade through 2024 dwarfs the 48% gain in the Stoxx Europe 600 Index. But the euro touched a 12-month low of $1.0226 last week, far from its $1.1214 high in September — and Bloomberg’s FX Rate Forecast Model shows rising risks of a sub-$1 price.\n“I would pay very close attention to changes in Europe,” Thomas said. One of the big unanswered questions in the region, he said, is whether leaders will act on former European Central Bank President Mario Draghi’s recommendation for investing as much as €800 billion ($829 billion) a year and committing to regular issuance of common bonds to improve the bloc’s global competitiveness.\nRegarding US tech, Thomas said investors need to see whether the massive investments in AI infrastructure and data centers — a wave that propelled Nvidia Corp. to almost triple in the past 12 months — will pay off. \n“The valuations of these companies are implying that the return on this capital is going to be in the 25-30% range, and we’re waiting for the proof in the pudding,” he said.\n--With assistance from Jonathan Ferro and Annmarie Hordern.\n©2025 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2501212736"}