Despite hampered growth in 2022, the tech industry is well-positioned to witness a massive rebound and expansion in the coming years, thanks to sustained demand for tech solutions and higher enterprise spending. Given the industry’s long-term growth prospects, adding quality tech stocks Cisco Systems, Inc. (CSCO) and Nokia Oyj (NOK) to your watchlist this year could be wise.
The tech industry experienced a series of selloffs last year due to the Fed’s aggressive rate hikes, mounting inflation levels, industry-wide layoffs, concerns of a looming recession, and geopolitical turmoil catalyzed by the Russia-Ukraine conflict. The tech-heavy Nasdaq lost more than 14% over the past year.
