Mobius says there’s “no question” that a tech bubble is on the horizon given the valuations of the so-called Magnificent Seven — a group of Big Tech stocks comprising of Alphabet , Amazon , Apple , Meta , Microsoft , Nvidia and Tesla . But although he admitted that some of stock prices had “gone up too fast and too far,” he’s not concerned. “You must remember that you can’t just look at the price-to-earnings ratio, which is the normal measure that people use to evaluate whether an industry or a stock is too expensive, because the growth rate of these companies is so great,” he said. Nvidia has been the primary beneficiary of the ongoing artificial intelligence boom, with its next-generation AI chip Blackwell now in focus. Shares of the company have nearly tripled so far in 2024 — up more than 170% in the year-to-date — making it the world’s most valuable publicly traded company. Some investors worry the AI juggernaut won’t be able to keep up the rapid growth, however, although Mobius remains optimistic about the prospects for Nvidia and other Big Tech stocks. “The [Magnificent Seven] earnings are growing at a terrific pace and you’ve got to look forward that will continue. I’m not so concerned about most of these companies being too expensive, they will continue to do quite well,” Mobius added. “And of course, you have new companies coming into the picture that are also benefiting from these changes.”