The Fed’s plans to raise interest rates aggressively this year to combat high inflation have invited a massive sell-off in the tech industry. Furthermore, tech companies have been suffering from a global shortage in semiconductors for quite some time.
However, strong corporate earnings enabled the tech-heavy Nasdaq Composite to rally 3.1% yesterday after declining to its lowest since 2020. On the bright side, consumers’ growing reliance on tech products in their daily lives, along with an increased focus on domestic production and substantial corporate and government investments in the industry, should keep driving the industry’s growth.
