The recent performance of the largest US tech companies has raised concerns about the risk of a stock market bubble. Using a three-stage pricing model applied to the top ten US tech firms, this column finds that current market prices do not appear implausible given the underlying drivers of both recent and expected performance. The adoption of AI technologies will be a major engine of growth, which is already transforming markets and displacing jobs. However, risks will remain around the ability to identify reliable AI applications and the growing competition from abroad.