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Charlie Morris, the founder of investment advisory firm ByteTree, stated in his report that with Bitcoin rising over 14% in a week and the backdrop of gains in both Bitcoin and gold, the Nasdaq index, dominated by tech stocks, has plummeted. This indicates a shift in the investment landscape away from the continuously growing U.S. tech giants. He said, "The shares of large tech companies are expensive, and after poor performance this week, the industry's growth is no longer sufficient to justify the premium. Indeed, they have enough room to cut costs, but real growth comes from sales, not costs. This signifies the end of the tech stock era, and tech stock investors should consider de-risking their positions promptly." |
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Post time 1-11-2023 11:52:12
