Tech companies faced a tough year in 2022, but the sector is set for growth in 2023. Apple, Microsoft, and Salesforce are some of the companies I expect to see a strong rebound.
I believe that a combination of upcoming mergers, cost-cutting from major tech firms, and confidence in key players in the tech, software, and cybersecurity sectors will drive around 20% growth in the tech industry in 2023. Despite a potential economic downturn the tech sector is well-positioned to thrive, especially with many tech stocks currently trading at a discount to their potential value. For sure, consumer and enterprise technology will remain integral in people's lives, even during a recession, leading to continued demand for products.
But, social media companies may face more challenges due to a drop in digital advertising spending and the impact of Apple's privacy changes on companies like Meta and Snap.
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