Tech’s rebound has been fuelled not only by an AI boom but also by wagers of a more dovish U.S. Federal Reserve and better-than-expected financial results from firms such as Microsoft
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“I was surprised at how quickly [tech] has come back,” says Peter Hofstra, senior vice president and co-head of equities at Toronto-based CI Global Asset Management. “We’re certainly getting more cautious” and volatility can be expected given the risk of a recession, Mr. Hofstra says. “We have actually been picking up some health care names to be a little bit more defensive.”“Think about how much cheaper flat-panel TVs get every year but are more capable. It’s the same with cell phones and computers,” he says.
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