Technology keeps the heart of our modern economy pumping and has, in many ways, become indispensable. It powers our automobiles, medical care, mobile devices, homes, workplaces, and more.

The world saw some solid evidence of when many tech stocks boomed at the start of the pandemic. That boom resulted in some market overenthusiasm about how tech adapted to the pandemic situation. Low interest rates also played a part, encouraging excess borrowing to fuel growth that outpaced long-term demand. The overenthusiasm resulted in a lot of tech stock growth being pulled forward.

As pandemic worries eased in late 2021 and into 2022, tech stocks came back down to Earth as these companies couldn't match those elevated growth levels. The resulting drop in tech stock prices in 2022 means 2023 could be an excellent opportunity for long-term investors looking for bargains.

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Source Fool.com