Tech stocks close out best first half in 40 years, powered by Apple rally and Nvidia boom
Summary
The last time technology stocks had a better first half, Apple was touting its Lisa desktop computer, IBM was the most-valuable tech company in the U.S. and Mark Zuckerberg hadnt been born. Then came the internet browsers of the 1990s, leading up to the dot-com bubble years and the soaring prices of e-commerce, search and computer-networking stocks. But momentum is always a driver when it comes to tech, and investors are notoriously fearful of missing out, even if they simultaneously worry about frothy valuations. Mass layoffs at Alphabet , Meta and Amazon as well as at numerous smaller companies paved the way for a rebound in earnings and a more realistic outlook for growth. 1 on CNBCs Disruptor 50 list) with its ChatGPT program, and dollars are pouring into Nvidia , whose chips are used to power AI workloads at many of the companies taking advantage of the latest advancements.
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