Tech’s dominance is far from over, they said, as more traditional industries such as retail and utilities are forced to embrace the internet and upgrade their equipment. At the same time, innovations such as artificial intelligence mean new areas of growth.
“This ‘snow balling’ effect is similar to what was experienced during the industrial revolution where one technology led to another and caused traditional industries to spend more on technology to survive,” the strategists wrote.
This article was provided by Bloomberg News.