In early January, Bank of America surveyed 329 managers, who manage assets totaling $1.1 trillion. The results of the survey revealed: managers cut positions in technology stocks, which have grown steadily in recent 10 years, to the lowest since 2008. At the same time, managers increased their stake in bank shares to the highest level since 2017..
“Central bank tightening remains top risk for markets in 2022”, — summed up in Bank of America.
A similar survey was conducted by Deutsche Bank. Agreed with the statement “The tech sector is a bubble” 49% respondents, did not agree - 39%. Other 12% found it difficult to answer.
18 January, against the backdrop of rising bond yields, investors continued to sell securities of technology companies. So, on Tuesday, the yield on 10-year Treasury bonds rose to 1,88% - Highest since February 2020. Here's the thing. Nasdaq fell in a day 2,6%. Since November 2021, the index has already lost 10%.
But not all tech stocks are the same., considers Goldman Sachs. According to the bank, investors separate unprofitable and strong companies with good balance sheets and cash flows.
"Unprofitable companies, probably, are in the territory of the “bubble” and react to changes most aggressively”, — noticed in Goldman Sachs.