We already got a taste of this process just weeks ago after the Consumer Price Index reading for October came in lower than expected, sending the stock market soaring. Those valuations, which are all higher than Alphabet's, reflect market sentiment, not a belief that those companies' earnings will outgrow the tech giant's long term. Once it seems like the worst impacts of a recession are already priced into stocks, investors are likely to rotate out of these safe blue chips and back into tech holdings like the FAANG group and other growth-focused names.