Software stocks plunged amid the current tech rout, driven by the Fed’s tighter monetary policy and an economic slowdown. The tech-heavy Nasdaq Composite index has declined 23.3% year-to-date.
However, the recent technology-sector meltdown has created enormous buying opportunities, with fundamentally-sound tech stocks trading at impressive discounts. The growing use of 5G wireless networks, cloud computing, AI, self-driving vehicles, hybrid architecture, and IoT should drive the industry’s growth over the long term.
