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Tech stocks: FAANG shares could soar 50% this year, Tom Lee says

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FAANG stocks could soar 50% this year thanks to long-term demand for tech goods and no new competition, Fundstrat's Tom Lee says

US mega-cap tech stocks have enjoyed a stellar rally so far in 2023, and there may be no stopping them.

Lee said he expected a rebound in FAANG stocks after a punishing 2022, when tech and other growth stocks were sold off as the Federal Reserve raised interest rates sharply. He added that the bullish case for tech stocks, including non-FAANG companies, is stronger than he had previously expected.

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FAANG stocks could soar up to 50% this year, says Fundstrat's Tom LeeTom Lee said on CNBC's 'Closing Bell' that tech shares could build up even further from an already successful year.
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