Across all three regions in the MSCI World developed index, Information Technology stands out as the sector with the largest proportion of stocks trading at greater than 25x P/E.
Asia-Pacific:
Europe:
North America:
MSCI Europe, however, sets itself apart in that ALL of it's technology constituents currently trade at greater than 20x P/E. And that seems almost tame when we consider that other metrics show even more extreme levels of overvaluation: nearly three-quarters of Information Technology stocks in Europe are approaching seven year highs in price to sales: