After dropping more than 33% last year amid aggressive interest rate hikes and stubborn inflation, the tech-heavy Nasdaq composite has recovered roughly 12% in 2023. Better than expected labor market data, the rise of Artificial Intelligence (A.I.), and optimism about a potentially dovish Federal Reserve have helped boost the beaten-down sector. But Gene Munster, a veteran tech analyst and managing partner at Deepwater Asset Management, warned Monday that Fed Chairman Jerome Powell could pop tech investors’ bubble this week.
“I suspect that he’s going to be pretty hawkish. And I suspect that that’s going to lay the groundwork for a sell-off in tech,” he told CNBC.
