Microsoft CEO Satya Nadella: The tech giant kicked off earnings season after the market close on Tuesday—and beat expectations.arnings matter. And even for growth stocks, valuations matter, too.
The Nasdaq index is down 15% from its November peak, pummeling the stock prices of tech behemoths from Tesla to Apple by double digits. Some of the biggest losers have fallen 40% or 50%, or more from their highs as investors awaitedCalling a bottom in the market is generally a fools’ game, especially in a market this volatile that has traded at such a premium for so long.
We searched FactSet for U.S. tech stocks with market caps of $5 billion or more that bore the brunt of investors’ disillusionment, either through tanking stock prices since Nasdaq peaked on November 19 or through high short interest as investors bet their stocks would go down further. Topping the list: Self-driving tech pioneer Aurora Innovation, which went public in SPAC deal last November and has seen its shares fall more than 70% from their peak.
Tech will always matter.
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