Macroeconomic headwinds, including aggressive Fed interest rate hikes, multi-decade high inflation, layoffs in the sector, recessionary concerns, and geopolitical unrest spurred by the Russia-Ukraine war, led to a series of selloffs in tech stocks in 2022. The tech-heavy Nasdaq Composite lost more than 15% over the past year.
However, the industry is poised to witness a massive growth in the long run. New and emerging trends such as big data analytics, automation, virtual and augmented reality, blockchain, IoT networks, and increased adoption of cloud computing are rapidly transforming the tech industry.
