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Tech stocks have soared over the last 12 months, with the Nasdaq-100 Technology Sector up 58% since February 2023.
Wall Street has rallied behind budding industries like artificial intelligence (AI) and cloud computing, which have massive potential over the next decade. The AI market, on its own, is projected to have a compound annual growth rate (CAGR) of 37% until at least 2030.That trajectory would see the sector hit a valuation nearing $2 trillion before the end of the decade.
Meanwhile, the cloud market has a CAGR of about 18%, bolstered by increased demand for AI services.
Source Fool.com
