Tech stocks have suffered their worst sell-off since 2008 so far this year, with the benchmark tech-heavy Nasdaq Composite index slumping 7.7% year-to-date. The Fed’s hawkish stance, exacerbated supply chain disruptions, and a continuing semiconductor shortage amid geopolitical tensions caused a market correction earlier this year in which tech stocks were among the worst affected.
Nevertheless, an increased dependency on technology, and disruptive advancements in this space, should allow the industry to have a stellar rebound soon. And with COVID-19 cases resurgent in various parts of the world, the remote working trend will likely continue in the near term, boosting the demand for tech products and services.
