The tech industry has seen steady growth in the past decade. However, the Fed’s rate hikes to combat inflation is keeping the industry under pressure. So, tech stocks, Ouster, Inc. (OUST) and Integrated Media Technology Limited (IMTE), which have been slumping in price, might be best avoided.
According to International Data Corporation (IDC), worldwide IT spending is forecast to slow down in 2023 as high-interest rates affect companies’ budgets.
