The surging inflation and the Fed’s aggressive rate hikes led to a significant tech sell-off last year. The tech-heavy Nasdaq Composite has dropped 25.2% over the past year.
However, the tech industry remains well-positioned for long-term growth due to increasing investment in cloud solutions, software, and cyber protection. According to Wedbush analyst Dan Ives, the tech industry will grow by 20% in 2023.
