The tech industry has been under pressure since last year due to the Federal Reserve’s aggressive interest rate hikes to bring inflation down. According to Gartner, spending on tech services contracted 0.2% in 2022 to $4.38 trillion.
However, spending on tech services is expected to grow in the long term thanks to the growing demand for digital transformation, cloud computing, artificial intelligence, cybersecurity, etc. Amid this backdrop, it could be wise to buy fundamentally strong tech stocks Information Services Group, Inc. (III), Mastech Digital, Inc. (MHH), and Key Tronic Corporation (KTCC).
