Investor optimism about the tech industry—driven by rapid digitization and continuing adoption of hybrid work structures—should boost companies in the sector to substantial growth in the coming months. Wall Street analysts expect the prices of the shares of Uber (UBER), Micron (MU), and Pure Storage (NYSE:PSTG) to surge more than 35% in the coming months. So, let’s discuss.Tech stocks have been regaining momentum over the past couple of months following an extended sell-off earlier this year. Amid the rapid adoption of hybrid working structures and emergence of 5G, most companies are developing next-generation products with better storage space and high efficiency to improve customer satisfaction and gain market reach, thereby restoring investor optimism in the tech space.
This is evidenced by the iShares U.S. Technology ETF’s (IYW) 9% returns over the past month compared to the SPDR S&P 500 Trust ETF’s (SPY) 3.2% gains. Also, the tech-heavy Nasdaq Composite gained 12.5% year-to-date to hit its 14,649.11 all-time high in the last trading session.
Given investors’ bullish outlook for the tech industry amid rapid digitization in almost every sector, Wall Street analysts expect popular tech stocks Uber Technologies, Inc. (NYSE:UBER), Micron Technology, Inc. (NASDAQ:MU), and Pure Storage, Inc. (PSTG) to gain more than 35% in the near-term.
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