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Big tech profits are humming while stocks slide

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Investors must decide if they think high-valued tech stocks have pulled back enough or wait to see if selling momentum is renewed.

The central argument for buying shares in highly valued Big Tech companies this year — unmatched prowess in generating earnings — is starting to look prescient.

Anthony Zackery, associate portfolio manager at Zevenbergen Capital Investments LLC, is in the latter camp. Still, for others such as Nicholas Colas, co-founder of DataTrek Research, the mood shift on markets — where recession fears have trumped AI euphoria — poses more than a passing threat.“Tech stocks have had an orderly sell-off despite higher rates because the market thinks their earnings will continue to hold up,” he said. “The recent sharp ascent in rates could challenge that outcome, however.”

 

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