The tech world is on fire, and investors are reaping the rewards! The Nasdaq Composite has been on a six-week winning streak, the likes of which have not been seen since January 2020, before the COVID-19 pandemic hit the U.S. This past week, even though there was no major news coming from the mega-cap group, tech stocks still surged, giving investors something to cheer about. Tesla is especially leading the way with an 11% increase in stock value this week, after having lost nearly two-thirds of its value in 2022. And, while the job market may have been the talk of the town, the tech world was also buzzing. MongoDB emerged victorious, with a 33% increase in stock value after posting higher-than-expected earnings and revenue on their latest report. They also raised their guidance for fiscal 2024, which only further added to investors’ excitement. Meanwhile, SentinelOne crashed and burned with a 35% drop in stock value, resulting from layoffs and decreased usage among its large customers. And that’s not all – software developer PagerDuty announced that they had to cut their forecasts due to continued pressure on small and medium-sized businesses. However, not all hope is lost because Vice President of Options at Simpler Trading, Danielle Shay, still has hope. She has her focus on mega-cap tech and semiconductors, especially in the Artificial Intelligence arena, stating “The AI trade has been absolutely phenomenal.” With giants like Nvidia and Tesla leading the way, it is no surprise that the Nasdaq has risen 27% in 2023, surpassing even the S&P 500 and Dow Jones Industrial Average. It may have been a rough ride in 2022, but who knows what the future holds for the tech industry? One thing is for sure – investors surely won’t be closing up shop anytime soon.
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