投资速览：科技股抛售潮是由投资者狂热追捧AI而非基本因素触发

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>We would expect a bit of market digestion after such strong returns in the first half we saw something very similar last summer, but I think what’s exacerbated that is the market very rapidly pricing in an increased chance of a recession, rather than a bit of a ‘Goldilocks’ kind of ‘no landing’ scenario that the market was pricing in before. But when we take a step back, we still think that a recession is still pretty unlikely in the United States, and the economy is still adding jobs, and there’s a lot of volatility in that month-for-month number, we’re heading into a rate-cutting cycle and actually when we look at the fundamentals of technology companies, they still remain for the vast majority, very strong. We remain in the early innings of the AI monetisation cycle, and so they continue to invest heavily against that opportunity and we see an acceleration in cloud growth, in online search, and advertising growth, and we have strong balance sheets still as well as earnings power and [technology] valuations have obviously pulled back in many cases, significantly as well.

And the beauty is as active managers as we can take advantage of some of this market volatility, which has been very much exacerbated by a huge amount of leverage that a lot of market participants have taken on to access some of these exciting momentum areas, particularly in the AI space and that has obviously unwound and led to significant downside  volatility, which again we can look to step into where we felt that that’s been dislocated away from fundamentals and that’s what we’ve been doing over the last week.

Taking a step back, we still don’t see a huge amount of change to the forward outlook where we remain very positive on the outlook of the technology sector over the years to come, and we think we’re in the very early innings of being able to capture the opportunities from generative AI. And we’ll look to pick the genuine beneficiaries and winners of those trends that are actually going to deliver the profits and therefore ultimately justify the stock returns that we’ve seen in the sector that we expect to extend through years to come.