Are US tech shares too expensive?

An often heard argument is that given the abundance of liquidity created by central banks, there is already an equity market bubble in technology shares in the United States. We will study this point for: The GAFAM, separately and overall; The Nasdaq ; The Nasdaq excluding GAFAM. We can then conclude that: That PERs currently look high, given to the poor earnings performance in 2020 and 2021; But that the long-term trend in earnings justifies an even higher PER than that which is observed: 30 to 35 for GAFAM except Amazon, 30 for the Nasdaq , 22 for the Nasdaq excluding GAFAM; That only the valuation of Amazon (1 5 0 times earnings) is absurd.