With the Federal Reserve increasing interest rates aggressively, most technology stocks have been hammered this year. The tech-heavy Nasdaq is down 31.5% year-to-date. However, the long-term prospects look bright for cloud-based tech stocks, given the increasing relevance of cloud computing to businesses worldwide.
The cloud computing industry has gained immense traction over the past few years, thanks to spurring demand for cloud solutions and services across various sectors to stay operational from anywhere. The adoption of hybrid working structures in the post-COVID era should keep driving the need for cloud technologies.
