Beijing, March 18 (Xinhua)-- US banks have had a painful week, but this has boosted the share prices of large US technology companies. Amid fears that the banking crisis could spread to the financial sector, traders flocked to cash-rich tech giants on their balance sheets.

The market capitalization of America's top four technology and Internet companies has increased by more than $560 billion (3.9 trillion yuan) this week. Among them, Microsoft shares rose more than 12%, the biggest weekly gain since April 2015 and the highest closing price since August last year. This week's rise has also brought Microsoft's market capitalization back to $2 trillion.

Shares of Google's parent company, Alphabet, also rose 12%, the biggest weekly gain since 2021. Meanwhile, Amazon shares rose 9.1% and apple shares rose 4.4%. The technology-heavy Nasdaq 100 index rose 5.8% this week, its biggest weekly gain since November last year, and well above the 1.4% gain in the s & p 500. It was the biggest week for the Nasdaq 100 index to outperform the S & P 500 since the financial crisis in October 2008.

"Technology stocks are more of a safe haven than traditional cyclical sectors, and they have undergone repricing, which means they look more attractive than the rest of the market," said Sam Stovall, chief investment strategist at the Center for Financial Research and Analysis (CFRA).

"Technology stocks are more of a safe haven than traditional cyclical sectors, and they have undergone repricing, which means they look more attractive than the rest of the market," said Sam Stovall, chief investment strategist at the Center for Financial Research and Analysis (CFRA).

In contrast to this uncertainty, large technology and Internet stocks provide investors with something close to stability in the current market. Their persistent income streams and market dominance suggest that they are relatively vulnerable to any recession. At the same time, their strong balance sheets and valuations that were severely squeezed in last year's sell-off suggest they have less downside than the rest of the market.

"in addition to the fact that falling US Treasury yields have raised the inherent valuations of technology companies, investors have set their sights on 2024, when the outlook for earnings growth for technology companies will be positive," Stovall said.