It’s official: Big Tech is making a comeback.
Let’s be honest, the sector has had a rough go of it for the past two years.
In 2022, the six largest tech stocks in the U.S., namely Google, Apple, Facebook, Amazon and Microsoft (or “GAFAM,” plus Nvidia), lost almost $3.8 trillion in market cap, collectively.
If we think back to 2020, shopping online became both a new hobby and a necessary trend for consumers. While many small businesses had to close up shop, Amazon did very well delivering groceries and home goods to your door.
And now in third-quarter 2023, GAFAM is back to their 2020 highs.
Why? Well, we asked Ian King — our resident financial expert on all things tech.
He credits the rise of AI for this year’s tech boom. But he also makes a market prediction for how we could close out the year strong:
I think that in the next couple of weeks, we’re going to start to see the start of a year-end rally. Of course, it’ll be led by technology because the biggest theme this year has been AI. And that’s not going away anytime soon.
Companies are still figuring out how they’re going to implement AI, and that’s just going to drive more and more demand for technology, as well as businesses that produce AI tech I think that’s going to continue to be the main theme into the year-end.
📈 Market Edge: AI Energy
We’ve talked about AI a lot this year. But that’s because of one thing: It’s not going away.
AI really is disrupting every corner of the market — from health care and entertainment to finance.
It’s even affecting how we power our lives, in the energy sector. Specifically, in renewable energy.
Ian’s latest research explores how “AI Energy” could become a $40 trillion market disruptor. He broke down all the details in a recent interview (and how you can start investing in the trend).
Click the thumbnail below to start watching:
What Do You Think?
However you might feel about renewable energy vs. the longevity of fossil fuels, we believe it has great potential as an investment opportunity.
Do you want to learn even more about how AI is revolutionizing the energy sector? Let us know at BanyanEdge@BanyanHill.com.
💡Bonus: Watch out for tomorrow’s Banyan Edge. Ian’s giving his AI outlook for 2024 — how it’s evolving, and two ways to invest in this year’s most massive tech trend!