The Fed recently announced a 50-basis point rate hike for December 2022 to achieve its 2%-3% inflation target range. Rate hikes are expected to continue well into 2023. Tech stocks witnessed significant losses, with the Nasdaq composite slumping 32.6% year-to-date, while the industry has lost a massive $7.40 trillion in one year.
However, the tech industry might witness a potential rebound in 2023. According to Wedbush's analysts Dan Ives and John Katsingris, "We believe overall the tech sector will be up roughly 20 percent in 2023 from current levels with big tech, software, and semis leading the charge despite the macro and Fed wild cards abound."
