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