Why Tech Stocks Jumped in the First Half of 2023

Tech stocks made a big comeback in the first half of 2023 after a rough 2022. It's possible that the market got a little too pessimistic last year, but that's led to the rise we see in shares right now. 

According to data provided by S&P Global Market Intelligence, three of the biggest movers this year are Spotify (NYSE: SPOT), (NYSE: HUBS), and Broadcom (NASDAQ: AVGO), which are up 117.9%, 92.2%, and 58.7%, respectively, year to date. 

Cost cutting has been a theme in tech, and Spotify and Hubspot have both announced layoffs to reduce costs and focus the business. The cuts seem to be both necessary and opportunistic. As the market focuses on how much money companies can make, it's important for both to increase cash flow that's dangerously close to breakeven. 

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Source Fool.com