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Despite a rocky ride over the past few months, 2023 has been the year of redemption for stocks in the technology sector. After falling under the weight of rapidly rising interest rates in 2022, the frenzy around artificial intelligence (AI) propelled the tech sector to historic first-half returns. Now, the tech-focused Nasdaq-100 Index ($IUXX) boasts a YTD gain of 36%, compared to returns of 12% for the S&P 500 Index ($SPX).
Along with AI, cloud computing has also emerged as a key growth area for tech companies to compete. In fact, the cloud computing market is expected to top $1.6 trillion by 2030, indicating a CAGR north of 17%.
