3 Leading Tech Stocks to Buy in 2023 and Beyond
The Fed’s aggressive monetary policy stance led to the sell-off in tech stocks since last year. However, given the scope for long-term growth, the tech industry is well-positioned to deliver solid returns. Therefore, I think it could be wise to buy fundamentally strong tech stocks Cisco Systems, Inc. (CSCO), Nokia Oyj (NOK), and Juniper Networks, Inc. (JNPR).
Let’s discuss why the tech industry is well-positioned for growth.
The Federal Reserve’s aggressive rate hikes since last year meant that the high-growth tech stocks witnessed a correction in their share prices. Tech stocks usually command a premium in the stock market as the market believes that these companies have the potential for growth.
Enterprises across various industries have been spending on their digital transformation. Investments in cloud computing, software, cyber security, artificial intelligence (AI), the Internet of Things (IoT), and others have been rising.
The spending on new technology is expected to enhance further as more companies use these advanced technologies for conducting their daily business.
While rising borrowing costs might keep the industry under pressure in the near term, the growing demand for anywhere/anytime technology access and rising investments are expected to fuel the rebound of tech stocks. The global technology market is expected to…
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