2022 was a brutal start of the year for tech giants. Netflix is down 70%, Nvidia dropped 44%, and Facebook declined 43%.
Although most technology stocks took a pummelling, a few companies weathered the storm and showed growth. These include telecom operators, T-Mobile and AT&T.Bloomberg Intelligence analyst John Butler said T-Mobile’s early lead in rolling out 5G would help the operator outperform its competitors and increase sales.
Locally, Vodacom was the best performing share this year, rising 5% year-to-date. MTN declined by 4%, and Telkom was down 16%. This debate gained momentum following the crash in tech shares in 2022, which caused pain among investors heavily invested in US tech giants.