Big gains in tech stocks, from cloud computing and generative AI giant Microsoft to digital transformation play ServiceNow to Palantir Technologies, a favorite among individual investors that went public less than three years ago, have excited investors. Judging by the past several months of action in the stock market, indeed it appears the animal spirits have returned — and even sticking around a little longer. In July, the S&P 500 gained another 3.1%, the Nasdaq composite 4%, and the Dow Jones Industrial Average of blue chip names nearly 3.4%.