The Fed announced its third consecutive 75-bps rate hike for 2022 in September. Moreover, Wells Fargo analysts expect another 75-bps hike in November 2022 and have projected the target rate to range between 4.75% and 5.00% in the first quarter of 2023. Against a volatile market scenario, the tech-heavy NASDAQ Composite has lost 31.4% year-to-date.
However, there still remains a robust demand for tech goods and services. According to Statista, the number of smartphone users in the United States is estimated to reach 307 million in 2022. In addition, rapid advancements in Artificial Intelligence (AI) and the Internet of Things (IoT) are estimated to drive further growth in the tech sector.
