The Fed’s forthcoming interest rate hike to curb inflation is expected to keep the tech industry under pressure in the near term. However, many investors are buying the current dip because they expect tech stocks to rebound strongly in the coming months. Given the rapid digitization of virtually every industry, and emerging disruptive trends, the tech industry is expected to remain one of the biggest industries over the long term. Head of U.S. equity strategist at RBC, Lori Calvasina, said recently, “I don’t think this is the end of tech investing.”
In addition, the remote life and work culture will eventually become the norm. So, the overwhelming demand for tech and digital applications is driving the sector for the long haul. According to a Fuentitech report, the U.S. technology industry is expected to grow at a 5% CAGR through 2024.
