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  • Writer's pictureBy The Financial District

Tech Earnings Won't Sink, Securities Analyst Predicts

Daniel Ives, an analyst at Wedbush Securities, says that he has high hopes for tech stocks this year, contrary to what doomsayers are predicting for the badly-battered industry, Nicole Goodkind reported for CNN.

Photo Insert: Even the recent spate of layoffs in Big Tech supposedly has an upside.

"Tech stocks have held up very well so far in 2023 and comfortably outpaced the overall market as we believe the tech sector has become the new 'safety trade' in this overall uncertain market," he wrote in a note on Sunday evening.

Even the recent spate of layoffs in Big Tech has an upside, he wrote.

"Significant cost cutting underway in the Valley led by Meta, Microsoft, Amazon, Google and others, conservative guidance already given in the January earnings season 'rip the band-aid off moment,' and tech fundamentals that are holding up in a shaky macro [environment] are setting up for a green light for tech stocks," Ives argued, despite the battering of companies that placed their amber eggs in two baskets—Signature and SVB.

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