2022 was a particularly difficult year for technology investors. Will 2023 be any better?
While rising rates have hammered tech stocks broadly this year, riskier companies have been hit especially hard.
Meta stock has fallen 72% so far this year.
Do earnings now trump significant interest rate moves?
The tide has turned for previously unstoppable tech giants, with the NYSE FANG+ Index down 31% YTD.
If profits do in fact start to shrink, that would erode the argument that many stocks are in bargain territory.
Tech bulls are already gearing up for buying opportunities.
Recent declines in the sector come after technology and internet names had led the index higher for years.
Mega-cap tech companies are under-owned in most of the top 100 actively managed institutional portfolios.
The collapse in Roku reflects what has become a familiar theme this earnings season.
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