JPMorgan's analysts estimate that on average tech firms that are yet to even make a profit have lost 30% of their value since peaks around September last year, while 'fintech' firms which focus on tech-savvy banking apps and tools have dropped 40%.
Years of record-low rates have fuelled the tech stock rally but with those rates now rising again the appeal of stratospherically-valued tech stocks gets dimmer for investors, especially if their growth trajectories splutter. "Our fixed income strategists expect U.S. 10-year yields to reach 2.35% by the end of this year, and German 10-year yields to reach 0.5%." Treasury yields are now at 1.92% and Germany bunds are at 0.2%.
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