NYU's 'Dean of Valuation' says Big Tech's amazing run is justified: 'These are cash machines'

Aswath Damodaran
Abhijit Bhatlekar | Mint | Getty Images

(This story is for CNBC Pro subscribers only.)

Big Tech's rally has pushed their valuations to levels not sustainable by traditional measures, but their huge run-up this year can still be justified, according to Wall Street's valuation guru.

New York University professor Aswath Damodaran, sometimes called the "Dean of Valuation," said the biggest U.S. technology companies — Amazon, Apple, Alphabet, Facebook, Netflix and Microsoft — are trading just close to their fair value despite their market-leading rally this year.