The Evelyn Partners Investment Podcast: why the technology sector is defying its critics

In June’s episode of the Evelyn Partners Investment Podcast Cherry Reynard and Ben Seager-Scott take a closer look at the technology sector. The sector has defied gloomy expectations in the year to date, as a stabilisation of interest rates and an improving economic picture have buoyed returns. There has also been a significant buzz around artificial intelligence. They also look at the recent debt ceiling debacle, Saudi Arabia’s recent move to cut oil production and, finally, the direction of US interest rates.

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After a grim year in 2022, the technology sector has had a rousing start to 2023. It has defied gloomier predictions, which suggested a high-interest rate environment would put an end to its growth. Its success is important for confidence in the wider market and has helped drive major indices higher for the year to date.

Part of its popularity can be explained by a moderation of interest rate and inflation expectations. While the Federal Reserve may raise rates once or twice more, the lion’s share of rate rises appear to have been made. However, the buzz around artificial intelligence has also been important, though debate remains on whether it will ultimately be a friend or foe for the global economy.

The debt ceiling has also been on investors’ minds over the month, but its relatively speedy and uneventful resolution has calmed markets. All eyes are now on the Federal Reserve, which may raise rates in June or July. Expectations are evenly balanced.