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vendredi 25 novembre 2022
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Are we at the end of the 'Big Tech' sell off?
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Cormac Weldon, Head of US Equities Artemis IM, looks at recent earnings releases from the Big Tech companies and assesses their prospects following the sell off
For much of 2020-2021 the 'Big Tech' companies (Apple, Microsoft, Google/Alphabet, Amazon and Facebook/Meta) drove the US market's rally as they benefited from the pandemic boom in online advertising or online retail. In 2022, the situation has reversed as, in the face of economic slowdown, consumer companies started to pull back on advertising and expenditure on cloud computing (a major growth driver) was reduced.
More broadly, rising interest rates put growth companies' valuations under scrutiny. The result was a dramatic sell off, exacerbated by some surprises and disappointments...
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