Daniel Ives of Wedbush Securities remains extremely bullish on tech stocks, noting the huge benefits of their exposure to cloud services as millions more people continue to work from home. In a recent note to clients, Ives predicted that tech stocks could rally another 20% to 30% before peaking. China accounts for 13% of tech sector revenues globally, adding up to roughly $730 billion per year, he noted. Moving supply chains out of China, and efforts to comply with vastly different regulatory systems in China and the United States, would also prove costly. The United States is considering banning the popular video app, which is owned by Beijing-based startup ByteDance.

Source: CNN July 19, 2020 12:00 UTC