AllianceBernstein's Qiu: Debunking the myths of high-priced tech stocks

Where now for the sector?

Lei Qiu of AllianceBernstein

Lei Qiu of AllianceBernstein

Until recently, technology stocks seemed unstoppable. Giants such as Apple and Microsoft, as well as technology-driven consumer firms such as Amazon and Alibaba Group, continue to do well through the COVID-19 pandemic.

Meanwhile, an emerging group of resilient, innovative leaders, ranging from cloud-based service providers and fintech to ecommerce enablers, also showed solid growth, fueled by rapid business and consumer changes brought by the pandemic. Even with the recent pullback, the tech-heavy Nasdaq Composite index remains at historic highs, surging 21.8% this year through 11 September, while the MSCI World Technology index is up 23.2% for the period. When compared to the more muted rebounds of the S&P 500 and MSCI World indices, it is clear that investors remain optimistic about the outlook fo...

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