Business

Tech earnings aren’t great. Either way, the stock shot up.


Tech stocks have kicked off the year with a bang, sparking a strong, widespread rally like the last time during a market spike during the Covid-19 pandemic. There are almost two dozen tech stocks on my screen with more than 50% year-over-year gains, and some have doubled. Investors have concluded that the Federal Reserve’s aggressive rate-raising campaign is almost over—and the market’s pendulum has decisively returned from greed to fear. Just like the good old days.


C3.ai

(code: AI) stock has doubled from last monthI suspect it’s largely because they’re marked AI—and there’s nothing more compelling than all things AI right now.

Avaya Corporation

(AVYA), a long-standing telecommunications hardware company on the verge of bankruptcy, has unreasonably doubled since the end of the year. Triple-digit gainers include battered goods like home sellers

fair

(W), sponsored equipment buy now and pay later

Confirm

(AFRM) and, of all things,

Coinbase Global

(COIN), cryptocurrency trader. Makes you wonder if SPAC is coming back.

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