How is the Tech Sector Doing?
In a recent Schwab Network Trading 360 interview, Intech’s Chief Investment Officer Ryan Stever joined host Sam Vadas to break down the forces driving today’s markets—from earnings season surprises to the accelerating impact of artificial intelligence.
Stever noted that while over 80% of S&P 500 companies beat expectations, many of the largest moves in July came from lower-quality, low-profit names driven by sentiment and retail activity. “Markets aren’t just responding to fundamentals—they’re reacting to positioning, sentiment, and flow,” he said.
1999 Paradox- Overvalued Companies, Undervalued Internet
He explained that the current AI cycle creates dispersion, which, when paired with a systematic process, can be investable without requiring prediction of the next big winner.
“Every internet company could have been overvalued in 1999—but the internet itself was undervalued.”
The interview also covered why Intech views volatility as raw material for portfolio construction—using it as a structural input to refresh diversification, adapt to changing leadership, and seek opportunities without chasing headlines.
AI Arms Race
