Many tech-focused companies received a boost in the wake of the pandemic, amid a shift in consumer behavior amid economic lockdowns and a move to working from home.
A BofA Global Research survey showed earlier this month that fund managers are slightly underweight technology relative to their average positioning of the past 20 years. At the same time, they named “long tech” as the market’s most crowded trade for the fourth straight month. "If ... Apple says, 'Yeah, we would have sold a lot more phones except for the chip shortage,' you think it’s really severe then because they are probably first in line to get chips from everybody,” said Peter Tuz, president of Chase Investment Counsel.
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