03-30-2023, 12:55 PM
Quote:The recent boost to Nasdaq valuations from declines in interest rates was certainly a welcomed change, but tech stocks do need to support their prices with fundamentals, which have “deteriorated meaningfully” from last year, said market analysts. “It’s a mistake for people to view tech as a safe haven in this environment,” Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, told MarketWatch via phone. He said the fundamentals of tech firms are deteriorating as demand starts to soften during a potential economic slowdown. “That’s why tech companies are laying people off aggressively. They can get away with less employees now that demand is less, but they have to realize their revenues aren’t growing. They gotta cut their expenses.”Tech stocks back as a haven? 'It's a mistake,' say market analysts