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Occupy Silicon Valley: Tech titans fear populist revolt

(CNBC) — Standout gains in large technology stocks like Amazon.com and Apple show just how much the sector is disconnected from the sluggish growth on the rest of Main Street, one notable strategist said in a report titled “Occupy Silicon Valley.”

The tech stock rally “could ultimately lead to populist calls for redistribution of the increasingly concentrated wealth of Silicon Valley,” Bank of America Merrill Lynch’s chief investment strategist, Michael Hartnett, said in a report released Monday.

The report’s title draws parallels to the 2011 “Occupy Wall Street” protest against the wealth of the largest U.S. financial institutions which arose out of the financial crisis. Today, more and more people feel left behind economically despite the massive expansion of global business, especially for digital technology firms, the report implies.

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